Piper Sandler Initiates Coverage on Biomea Fusion (NASDAQ:BMEA)

Stock analysts at Piper Sandler began coverage on shares of Biomea Fusion (NASDAQ:BMEA - Get Free Report) in a report released on Tuesday, MarketBeat.com reports. The brokerage set an "overweight" rating and a $7.00 price target on the stock. Piper Sandler's price objective would suggest a potential upside of 144.76% from the stock's previous close.

Other analysts also recently issued reports about the company. HC Wainwright decreased their price target on Biomea Fusion from $40.00 to $18.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Oppenheimer set a $10.00 target price on Biomea Fusion in a research report on Monday, March 24th. Barclays lowered their target price on Biomea Fusion from $11.00 to $3.00 and set an "equal weight" rating for the company in a report on Wednesday, April 2nd. Finally, D. Boral Capital reissued a "buy" rating and issued a $16.00 price target on shares of Biomea Fusion in a research note on Thursday, May 15th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Biomea Fusion currently has a consensus rating of "Buy" and a consensus target price of $21.40.

Biomea Fusion Trading Up 14.9%

NASDAQ:BMEA traded up $0.37 on Tuesday, reaching $2.86. 7,582,080 shares of the stock traded hands, compared to its average volume of 1,181,524. The firm has a market capitalization of $107.46 million, a price-to-earnings ratio of -0.71 and a beta of -0.07. The company's 50 day moving average is $1.80 and its 200-day moving average is $3.37. Biomea Fusion has a 1-year low of $1.29 and a 1-year high of $13.07.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported ($0.80) EPS for the quarter, beating analysts' consensus estimates of ($0.84) by $0.04. On average, equities research analysts forecast that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Institutional Investors Weigh In On Biomea Fusion

Hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC lifted its holdings in shares of Biomea Fusion by 670.5% in the 1st quarter. AQR Capital Management LLC now owns 264,028 shares of the company's stock worth $562,000 after purchasing an additional 229,763 shares in the last quarter. Ieq Capital LLC acquired a new position in shares of Biomea Fusion during the first quarter valued at about $122,000. Nuveen LLC acquired a new position in shares of Biomea Fusion during the first quarter valued at about $575,000. Federated Hermes Inc. increased its position in shares of Biomea Fusion by 398.2% during the first quarter. Federated Hermes Inc. now owns 594,121 shares of the company's stock worth $1,265,000 after acquiring an additional 474,862 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of Biomea Fusion by 8,058.5% in the 1st quarter. CWM LLC now owns 16,888 shares of the company's stock worth $36,000 after acquiring an additional 16,681 shares during the last quarter. Institutional investors own 96.72% of the company's stock.

Biomea Fusion Company Profile

Biomea Fusion, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of covalent small molecule drugs to treat patients with genetically defined cancers and metabolic diseases. Its lead product candidate is BMF-219, a covalent inhibitor of menin for treating patients with liquid and solid tumors and type 2 diabetes.