Biomea Fusion, Inc. (NASDAQ:BMEA) Stock Has Average Price Target of $7.60 According to Brokerages

Key Points

• Biomea Fusion has a “Moderate Buy” consensus from seven analysts, with six buy ratings and one sell rating; the average 12-month price target is $7.60.
• Institutional investors own 96.72% of the company, with Renaissance Technologies significantly increasing its position and BlackRock initiating a new stake.
• The stock fell 15.2% to $0.58, matching its 12-month low, while the company reported a quarterly loss of $0.12 per share—better than the $0.22 loss analysts expected.

Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the seven research firms that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $7.60.

A number of equities analysts recently issued reports on the stock. Weiss Ratings reiterated a "sell (e+)" rating on shares of Biomea Fusion in a research note on Monday, September 28th. HC Wainwright restated a "buy" rating and set a $4.00 price objective on shares of Biomea Fusion in a research note on Wednesday, October 14th. Citizens Jmp reaffirmed a "market outperform" rating and issued a $7.00 target price on shares of Biomea Fusion in a report on Wednesday, October 14th. Wall Street Zen raised shares of Biomea Fusion from a "sell" rating to a "hold" rating in a report on Monday, October 5th. Finally, Citigroup reiterated a "market outperform" rating on shares of Biomea Fusion in a research note on Wednesday, September 30th.

Institutional Investors Weigh In On Biomea Fusion

Several institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC lifted its position in Biomea Fusion by 174.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company's stock valued at $2,009,000 after acquiring an additional 834,179 shares in the last quarter. BlackRock Inc. purchased a new stake in Biomea Fusion during the 2nd quarter valued at $1,052,000. ADAR1 Capital Management LLC bought a new stake in shares of Biomea Fusion in the 2nd quarter worth $64,000. GSA Capital Partners LLP bought a new stake in shares of Biomea Fusion in the 2nd quarter worth $318,000. Finally, Rathbones Group PLC bought a new stake in shares of Biomea Fusion in the 1st quarter worth $57,000. Institutional investors own 96.72% of the company's stock.

Biomea Fusion Trading Down 15.2%

Biomea Fusion stock opened at $0.58 on Friday. Biomea Fusion has a 12 month low of $0.58 and a 12 month high of $2.24. The company has a market capitalization of $42.40 million, a price-to-earnings ratio of -2.02 and a beta of -0.28. The business's fifty day simple moving average is $1.46 and its two-hundred day simple moving average is $1.43.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.10. On average, equities research analysts predict that Biomea Fusion will post -0.65 EPS for the current year.

Biomea Fusion Company Profile

Biomea Fusion, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing small-molecule medicines for serious diseases with significant unmet medical needs. The company's research platform is centered on covalent chemistry, an approach designed to create potentially durable interactions between medicines and their biological targets.

Biomea's lead investigational product is icovamenib, formerly known as BMF-219, an oral covalent menin inhibitor. The company has evaluated icovamenib in oncology indications, including certain blood cancers, and is also investigating its potential in metabolic diseases such as diabetes.

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