Biomea Fusion (NASDAQ:BMEA) Upgraded by Piper Sandler to Strong-Buy Rating

Biomea Fusion (NASDAQ:BMEA - Get Free Report) was upgraded by research analysts at Piper Sandler to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other equities analysts have also weighed in on BMEA. D. Boral Capital reiterated a "buy" rating and set a $16.00 price objective on shares of Biomea Fusion in a research note on Thursday, May 15th. Barclays reduced their price target on Biomea Fusion from $11.00 to $3.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 2nd. Oppenheimer set a $10.00 target price on Biomea Fusion in a research report on Monday, March 24th. Finally, HC Wainwright cut their price objective on Biomea Fusion from $40.00 to $18.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, Biomea Fusion has a consensus rating of "Buy" and a consensus price target of $21.40.

Biomea Fusion Price Performance

Shares of BMEA stock traded down $0.41 during mid-day trading on Monday, hitting $2.45. 4,089,966 shares of the stock traded hands, compared to its average volume of 1,193,157. The stock has a market cap of $92.05 million, a P/E ratio of -0.61 and a beta of -0.23. Biomea Fusion has a 52-week low of $1.29 and a 52-week high of $13.07. The stock's fifty day moving average is $1.81 and its two-hundred day moving average is $3.37.

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

Institutional Investors Weigh In On Biomea Fusion

Large investors have recently modified their holdings of the company. AQR Capital Management LLC raised its holdings in Biomea Fusion by 670.5% during the first 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 purchased a new position in shares of Biomea Fusion during the first quarter worth about $122,000. Nuveen LLC acquired a new stake in shares of Biomea Fusion during the first quarter worth 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 purchasing an additional 474,862 shares in the last quarter. Finally, CWM LLC lifted 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 valued at $36,000 after purchasing an additional 16,681 shares during the last quarter. 96.72% of the stock is owned by hedge funds and other institutional investors.

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.