Biomea Fusion, Inc. (NASDAQ:BMEA) Given Average Recommendation of “Buy” by Brokerages

Biomea Fusion, Inc. (NASDAQ:BMEA) has been assigned an average recommendation of “Buy” from the thirteen brokerages that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $23.91.

A number of equities analysts have issued reports on BMEA shares. Barclays reduced their price target on shares of 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. D. Boral Capital reissued a “buy” rating and set a $16.00 target price on shares of Biomea Fusion in a report on Wednesday, March 19th. HC Wainwright reaffirmed a “buy” rating and issued a $40.00 price target on shares of Biomea Fusion in a report on Monday, March 31st. Finally, Oppenheimer set a $10.00 price objective on Biomea Fusion in a report on Monday, March 24th.

Biomea Fusion Trading Down 4.8 %

Shares of Biomea Fusion stock opened at $2.19 on Monday. The firm’s 50 day simple moving average is $2.39 and its two-hundred day simple moving average is $4.96. The firm has a market capitalization of $82.28 million, a price-to-earnings ratio of -0.55 and a beta of -0.07. Biomea Fusion has a 12-month low of $1.53 and a 12-month high of $13.43.

Biomea Fusion (NASDAQ:BMEA) last issued its earnings results on Monday, March 31st. The company reported ($0.81) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.19. On average, sell-side analysts predict that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Institutional Investors Weigh In On Biomea Fusion

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Two Sigma Advisers LP grew its position in shares of Biomea Fusion by 290.7% in the fourth quarter. Two Sigma Advisers LP now owns 459,500 shares of the company’s stock valued at $1,783,000 after purchasing an additional 341,900 shares during the period. Two Sigma Investments LP boosted its holdings in Biomea Fusion by 104.4% in the 4th quarter. Two Sigma Investments LP now owns 559,930 shares of the company’s stock worth $2,173,000 after buying an additional 286,049 shares during the last quarter. Renaissance Technologies LLC increased its stake in Biomea Fusion by 317.7% during the 4th quarter. Renaissance Technologies LLC now owns 343,732 shares of the company’s stock worth $1,334,000 after buying an additional 261,432 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of Biomea Fusion during the fourth quarter valued at approximately $914,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Biomea Fusion in the fourth quarter valued at approximately $766,000. Hedge funds and other institutional investors own 96.72% of the company’s stock.

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.