Biomea Fusion (NASDAQ:BMEA) Price Target Cut to $10.00 by Analysts at Scotiabank

Key Points

• Scotiabank has lowered its price target for Biomea Fusion (NASDAQ:BMEA) from $30.00 to $10.00, while maintaining a "sector outperform" rating on the stock.
• Other firms like Citigroup have also reduced their price targets, with Citigroup setting a target of $9.00 but maintaining a "buy" rating.
• Biomea Fusion's stock is currently trading at $1.52, significantly lower than its 1-year high of $13.07, reflecting a challenging market environment.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) had its price target cut by analysts at Scotiabank from $30.00 to $10.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "sector outperform" rating on the stock.

Several other equities analysts also recently weighed in on the company. D. Boral Capital reiterated a "buy" rating and set a $16.00 target price on shares of Biomea Fusion in a research report on Wednesday. Citigroup cut their price objective on shares of Biomea Fusion from $22.00 to $9.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. HC Wainwright lowered their target price on shares of Biomea Fusion from $40.00 to $18.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Piper Sandler initiated coverage on shares of Biomea Fusion in a research report on Tuesday, June 3rd. They set an "overweight" rating and a $7.00 price target for the company. Finally, Oppenheimer reiterated an "outperform" rating on shares of Biomea Fusion in a report on Tuesday. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $17.00.

Biomea Fusion Stock Down 3.4%

Shares of NASDAQ:BMEA traded down $0.06 during trading on Wednesday, reaching $1.58. The stock had a trading volume of 344,248 shares, compared to its average volume of 1,407,391. The business has a fifty day moving average price of $1.95 and a 200-day moving average price of $2.36. The stock has a market cap of $59.18 million, a P/E ratio of -0.52 and a beta of -0.14. Biomea Fusion has a fifty-two week low of $1.29 and a fifty-two week high of $13.07.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.08. As a group, equities analysts forecast that Biomea Fusion will post -3.93 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BMEA. Bank of America Corp DE raised its holdings in shares of Biomea Fusion by 98.0% during the 4th quarter. Bank of America Corp DE now owns 51,180 shares of the company's stock valued at $199,000 after buying an additional 25,332 shares during the period. Northern Trust Corp grew its position in Biomea Fusion by 3.9% in the fourth quarter. Northern Trust Corp now owns 322,650 shares of the company's stock valued at $1,252,000 after acquiring an additional 12,210 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in shares of Biomea Fusion by 90.0% during the first quarter. Oppenheimer & Co. Inc. now owns 165,937 shares of the company's stock valued at $353,000 after purchasing an additional 78,579 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of Biomea Fusion by 140.9% during the first quarter. Exchange Traded Concepts LLC now owns 50,550 shares of the company's stock worth $108,000 after purchasing an additional 29,565 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new position in shares of Biomea Fusion in the fourth quarter valued at $317,000. 96.72% of the stock is owned by hedge funds and other institutional investors.

About Biomea Fusion

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.