HC Wainwright Lowers Biomea Fusion (NASDAQ:BMEA) Price Target to $18.00

Biomea Fusion (NASDAQ:BMEA - Free Report) had its price objective cut by HC Wainwright from $40.00 to $18.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

BMEA has been the topic of a number of other research reports. Oppenheimer set a $10.00 target price on Biomea Fusion in a research note on Monday, March 24th. Barclays reduced their price objective on Biomea Fusion from $11.00 to $3.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 2nd. Finally, D. Boral Capital restated a "buy" rating and issued a $16.00 target price on shares of Biomea Fusion in a research report on Tuesday. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $22.60.

Biomea Fusion Trading Down 7.0 %

Shares of BMEA traded down $0.12 during trading hours on Tuesday, reaching $1.63. 538,214 shares of the company's stock traded hands, compared to its average volume of 909,892. Biomea Fusion has a 12 month low of $1.53 and a 12 month high of $13.43. The stock has a market cap of $61.13 million, a PE ratio of -0.41 and a beta of -0.07. The firm's 50 day simple moving average is $2.16 and its 200-day simple moving average is $4.32.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.84) by $0.04. As a group, analysts expect that Biomea Fusion will post -3.93 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biomea Fusion

A number of large investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its position in Biomea Fusion by 398.2% during the 1st quarter. Federated Hermes Inc. now owns 594,121 shares of the company's stock valued at $1,265,000 after purchasing an additional 474,862 shares during the last quarter. CWM LLC raised its holdings in shares of Biomea Fusion by 8,058.5% during the first quarter. CWM LLC now owns 16,888 shares of the company's stock valued at $36,000 after acquiring an additional 16,681 shares in the last quarter. Cerity Partners LLC purchased a new stake in Biomea Fusion in the first quarter worth $37,000. Oppenheimer & Co. Inc. boosted its holdings in Biomea Fusion by 90.0% in the first quarter. Oppenheimer & Co. Inc. now owns 165,937 shares of the company's stock valued at $353,000 after acquiring an additional 78,579 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its position in Biomea Fusion by 140.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 50,550 shares of the company's stock valued at $108,000 after purchasing an additional 29,565 shares during the period. Institutional investors own 96.72% of the company's stock.

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.