HC Wainwright Has Lowered Expectations for Biomea Fusion (NASDAQ:BMEA) Stock Price

Biomea Fusion (NASDAQ:BMEA - Free Report) had its price objective lowered by HC Wainwright from $40.00 to $18.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also recently issued reports on the company. D. Boral Capital reiterated a "buy" rating and set a $16.00 target price on shares of Biomea Fusion in a report on Tuesday, May 6th. Oppenheimer set a $10.00 price objective on shares of Biomea Fusion in a research note on Monday, March 24th. Finally, Barclays reduced their target price on shares of Biomea Fusion from $11.00 to $3.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 2nd. One research analyst has rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Biomea Fusion has an average rating of "Buy" and an average target price of $22.60.

Biomea Fusion Price Performance

BMEA stock traded down $0.12 on Tuesday, hitting $1.63. 538,214 shares of the company were exchanged, compared to its average volume of 911,376. The stock has a market capitalization of $61.13 million, a price-to-earnings ratio of -0.41 and a beta of -0.07. Biomea Fusion has a twelve month low of $1.53 and a twelve month high of $13.43. The business's fifty day moving average is $2.16 and its two-hundred day moving average is $4.28.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported ($0.80) EPS for the quarter, topping analysts' consensus estimates of ($0.84) by $0.04. Equities research analysts expect that Biomea Fusion will post -3.93 earnings per share for the current year.

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors have recently made changes to their positions in BMEA. Federated Hermes Inc. increased its stake in shares of Biomea Fusion by 398.2% in the first quarter. Federated Hermes Inc. now owns 594,121 shares of the company's stock worth $1,265,000 after buying an additional 474,862 shares during the last quarter. Two Sigma Investments LP increased its position in shares of Biomea Fusion by 104.4% in the 4th quarter. Two Sigma Investments LP now owns 559,930 shares of the company's stock worth $2,173,000 after purchasing an additional 286,049 shares during the last quarter. Two Sigma Advisers LP raised its stake in shares of Biomea Fusion by 290.7% in the 4th quarter. Two Sigma Advisers LP now owns 459,500 shares of the company's stock valued at $1,783,000 after purchasing an additional 341,900 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Biomea Fusion by 317.7% during the fourth quarter. Renaissance Technologies LLC now owns 343,732 shares of the company's stock worth $1,334,000 after purchasing an additional 261,432 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Biomea Fusion by 3.9% in the fourth quarter. Northern Trust Corp now owns 322,650 shares of the company's stock worth $1,252,000 after purchasing an additional 12,210 shares in the last quarter. 96.72% of the stock is owned by institutional investors and hedge funds.

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.