Biomea Fusion (NASDAQ:BMEA) Price Target Raised to $9.00

Biomea Fusion (NASDAQ:BMEA) had its target price upped by Barclays from $5.00 to $9.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

BMEA has been the topic of several other research reports. Oppenheimer dropped their price objective on Biomea Fusion from $70.00 to $60.00 and set an outperform rating on the stock in a research note on Thursday, May 30th. Capital One Financial initiated coverage on Biomea Fusion in a research report on Thursday, August 29th. They set an overweight rating and a $25.00 price target on the stock. HC Wainwright reissued a buy rating and set a $15.00 target price on shares of Biomea Fusion in a research note on Thursday, August 1st. Truist Financial raised shares of Biomea Fusion from a hold rating to a buy rating and set a $54.00 price target on the stock in a research note on Friday. Finally, Piper Sandler reduced their price target on shares of Biomea Fusion from $45.00 to $10.00 and set an overweight rating for the company in a report on Friday, June 7th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $29.40.

Biomea Fusion Price Performance

Shares of BMEA stock opened at $9.90 on Friday. The stock has a market cap of $355.86 million, a PE ratio of -2.77 and a beta of -0.47. The stock has a 50-day moving average of $6.89 and a 200-day moving average of $8.90. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last issued its earnings results on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, meeting the consensus estimate of ($1.03). As a group, research analysts anticipate that Biomea Fusion will post -4.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BMEA. Vanguard Group Inc. boosted its stake in shares of Biomea Fusion by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,365,625 shares of the company’s stock worth $20,416,000 after buying an additional 15,626 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Biomea Fusion during the second quarter valued at approximately $1,481,000. Price T Rowe Associates Inc. MD grew its stake in Biomea Fusion by 0.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 177,602 shares of the company’s stock valued at $2,656,000 after purchasing an additional 1,028 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Biomea Fusion by 46.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company’s stock worth $420,000 after purchasing an additional 29,400 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Biomea Fusion by 90.8% during the 2nd quarter. SG Americas Securities LLC now owns 59,009 shares of the company’s stock worth $266,000 after purchasing an additional 28,085 shares during the last quarter. 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.