Biomea Fusion (NASDAQ:BMEA) Now Covered by Jefferies Financial Group

Key Points

• Jefferies Financial Group has initiated coverage on Biomea Fusion (NASDAQ:BMEA) with a "buy" rating and a price target of $5.00, indicating a potential upside of 160.42% from its last closing price.
• The stock currently has an average rating of "buy" among analysts, with four analysts rating it as a Strong Buy and an average target price of $14.80.
• Biomea Fusion, a clinical-stage biopharmaceutical company, reported a loss of ($0.51) earnings per share, surpassing analysts' expectations of ($0.59) for the last quarter.

Jefferies Financial Group started coverage on shares of Biomea Fusion (NASDAQ:BMEA - Free Report) in a research report sent to investors on Thursday, MarketBeat.com reports. The firm issued a buy rating and a $5.00 price target on the stock.

BMEA has been the subject of several other reports. Citigroup lowered their price objective on shares of Biomea Fusion from $9.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, August 11th. HC Wainwright lowered their price objective on shares of Biomea Fusion from $40.00 to $18.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Oppenheimer reiterated an "outperform" rating on shares of Biomea Fusion in a research note on Tuesday, August 5th. Scotiabank lowered their price objective on shares of Biomea Fusion from $30.00 to $10.00 and set a "sector outperform" rating for the company in a research note on Wednesday, August 6th. Finally, D. Boral Capital restated a "buy" rating and set a $16.00 target price on shares of Biomea Fusion in a research report on Wednesday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Biomea Fusion has an average rating of "Buy" and an average price target of $14.80.

Biomea Fusion Trading Down 2.2%

Shares of NASDAQ:BMEA traded down $0.05 on Thursday, hitting $1.99. 230,405 shares of the company were exchanged, compared to its average volume of 1,323,938. Biomea Fusion has a 1-year low of $1.29 and a 1-year high of $13.07. The stock's 50 day moving average price is $1.78 and its 200 day moving average price is $2.06. The firm has a market capitalization of $118.13 million, a P/E ratio of -0.66 and a beta of -0.13.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.51) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.08. On average, equities analysts predict that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Marex Group plc acquired a new position in shares of Biomea Fusion in the second quarter worth about $81,000. Engineers Gate Manager LP acquired a new position in shares of Biomea Fusion in the second quarter worth about $26,000. Bridgeway Capital Management LLC raised its position in shares of Biomea Fusion by 99.2% in the second quarter. Bridgeway Capital Management LLC now owns 70,300 shares of the company's stock worth $127,000 after acquiring an additional 35,000 shares during the period. Aisling Capital Management LP raised its position in shares of Biomea Fusion by 156.5% in the second quarter. Aisling Capital Management LP now owns 2,048,757 shares of the company's stock worth $3,688,000 after acquiring an additional 1,250,000 shares during the period. Finally, Scotia Capital Inc. acquired a new position in shares of Biomea Fusion in the second quarter worth about $459,000. Institutional investors and hedge funds 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.