Biomea Fusion (NASDAQ:BMEA) Stock Rating Reaffirmed by Oppenheimer

Oppenheimer reiterated their outperform rating on shares of Biomea Fusion (NASDAQ:BMEA - Free Report) in a report released on Wednesday morning, Benzinga reports. They currently have a $70.00 price objective on the stock.

A number of other research analysts have also recently commented on the stock. HC Wainwright restated a buy rating and issued a $50.00 price target on shares of Biomea Fusion in a report on Monday. Truist Financial restated a buy rating and issued a $55.00 price target on shares of Biomea Fusion in a report on Monday. Citigroup restated a buy rating and issued a $90.00 price target on shares of Biomea Fusion in a report on Friday, December 8th. Finally, JPMorgan Chase & Co. restated a neutral rating and issued a $14.00 price target (down from $51.00) on shares of Biomea Fusion in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $50.89.

Biomea Fusion Stock Performance

BMEA stock traded up $1.15 during mid-day trading on Wednesday, reaching $13.96. 1,386,525 shares of the stock traded hands, compared to its average volume of 1,009,522. Biomea Fusion has a one year low of $8.13 and a one year high of $43.69. The stock has a market capitalization of $500.83 million, a PE ratio of -4.03 and a beta of -0.53. The business has a 50-day moving average price of $16.77 and a two-hundred day moving average price of $14.27.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Citigroup Inc. lifted its position in shares of Biomea Fusion by 113.8% during the third quarter. Citigroup Inc. now owns 116,134 shares of the company's stock valued at $1,598,000 after buying an additional 61,810 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in shares of Biomea Fusion by 125.0% during the third quarter. Adage Capital Partners GP L.L.C. now owns 180,000 shares of the company's stock valued at $2,477,000 after buying an additional 100,000 shares during the last quarter. Rafferty Asset Management LLC lifted its position in shares of Biomea Fusion by 70.8% during the third quarter. Rafferty Asset Management LLC now owns 233,848 shares of the company's stock valued at $3,218,000 after buying an additional 96,945 shares during the last quarter. Trexquant Investment LP purchased a new stake in shares of Biomea Fusion during the third quarter valued at about $434,000. Finally, FMR LLC lifted its position in shares of Biomea Fusion by 0.6% during the third quarter. FMR LLC now owns 5,344,191 shares of the company's stock valued at $73,536,000 after buying an additional 34,026 shares during the last quarter. 96.72% of the stock is currently owned by 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, an orally bioavailable, potent, and selective covalent inhibitor of menin for treating patients with liquid and solid tumors and type 2 diabetes.