Citigroup Issues Pessimistic Forecast for Biomea Fusion (NASDAQ:BMEA) Stock Price

Key Points

• Citigroup has lowered its price target for Biomea Fusion from $9.00 to $7.00, still maintaining a "buy" rating on the stock, indicating a potential upside of 350.16% from its current price.
• Other analysts have varied assessments on Biomea Fusion, with price targets ranging from $7.00 to $30.00 and a general consensus rating of "buy" across several reports.
• Biomea Fusion recently reported earnings of ($0.51) per share, which beat analysts' expectations, and has seen significant activity from institutional investors, with 96.72% of the stock owned by such entities.

Biomea Fusion (NASDAQ:BMEA - Free Report) had its price target trimmed by Citigroup from $9.00 to $7.00 in a research note released on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also recently issued reports on BMEA. Piper Sandler initiated coverage on shares of Biomea Fusion in a research note on Tuesday, June 3rd. They set an "overweight" rating and a $7.00 target price on the stock. HC Wainwright lowered their target price on shares of Biomea Fusion from $40.00 to $18.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. D. Boral Capital restated a "buy" rating and set a $16.00 target price on shares of Biomea Fusion in a research note on Wednesday, August 6th. Oppenheimer restated an "outperform" rating on shares of Biomea Fusion in a research note on Tuesday, August 5th. Finally, Scotiabank lowered their target price on shares of Biomea Fusion from $30.00 to $10.00 and set a "sector outperform" rating on the stock in a research note on Wednesday, August 6th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $16.80.

Biomea Fusion Price Performance

Biomea Fusion stock traded up $0.07 during mid-day trading on Monday, reaching $1.72. The stock had a trading volume of 744,393 shares, compared to its average volume of 793,704. The company has a market capitalization of $64.62 million, a price-to-earnings ratio of -0.57 and a beta of -0.14. The company has a 50-day moving average price of $1.91 and a two-hundred day moving average price of $2.28. Biomea Fusion has a one year low of $1.29 and a one year high of $13.07.

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

Institutional Investors Weigh In On Biomea Fusion

Several hedge funds and other institutional investors have recently made changes to their positions in BMEA. CWM LLC increased its position in shares of Biomea Fusion by 8,058.5% during 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. Cerity Partners LLC purchased a new stake in Biomea Fusion in the 1st quarter worth approximately $37,000. Bayesian Capital Management LP purchased a new stake in Biomea Fusion in the 4th quarter worth approximately $42,000. Wells Fargo & Company MN increased its holdings in Biomea Fusion by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 12,914 shares of the company's stock worth $50,000 after acquiring an additional 4,399 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Biomea Fusion by 27.6% in the 4th quarter. JPMorgan Chase & Co. now owns 22,535 shares of the company's stock worth $87,000 after acquiring an additional 4,868 shares in the last quarter. Hedge funds and other 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.