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

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) have earned a consensus rating of “Buy” from the thirteen analysts that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $24.64.

A number of equities research analysts have issued reports on the stock. 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. Oppenheimer set a $10.00 target price on Biomea Fusion in a research note on Monday, March 24th. Finally, HC Wainwright reiterated a “buy” rating and set a $40.00 price target on shares of Biomea Fusion in a research report on Monday.

Biomea Fusion Stock Down 7.4 %

BMEA opened at $2.13 on Thursday. The company has a market capitalization of $77.19 million, a price-to-earnings ratio of -0.53 and a beta of -0.26. The firm has a 50-day moving average price of $3.28 and a 200-day moving average price of $5.96. Biomea Fusion has a twelve month low of $2.10 and a twelve month high of $16.29.

Institutional Investors Weigh In On Biomea Fusion

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bayesian Capital Management LP bought a new stake in shares of Biomea Fusion in the 4th quarter worth approximately $42,000. The Manufacturers Life Insurance Company bought a new stake in Biomea Fusion in the third quarter valued at $111,000. Wells Fargo & Company MN increased its position in Biomea Fusion by 51.7% during the 4th quarter. Wells Fargo & Company MN now owns 12,914 shares of the company’s stock valued at $50,000 after purchasing an additional 4,399 shares during the period. Intech Investment Management LLC bought a new position in Biomea Fusion in the 4th quarter worth $54,000. Finally, Maia Wealth LLC purchased a new stake in shares of Biomea Fusion in the 4th quarter worth about $62,000. 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.