Biomea Fusion (NASDAQ:BMEA) PT Raised to $40.00 at HC Wainwright

Biomea Fusion (NASDAQ:BMEA) had its target price raised by HC Wainwright from $15.00 to $40.00 in a report published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also recently weighed in on the stock. Scotiabank decreased their price objective on shares of Biomea Fusion from $41.00 to $21.00 and set a sector outperform rating for the company in a research report on Friday, June 7th. Capital One Financial initiated coverage on Biomea Fusion in a report on Thursday, August 29th. They issued an overweight rating and a $25.00 price target for the company. Citigroup dropped their price objective on Biomea Fusion from $45.00 to $22.00 and set a buy rating on the stock in a report on Tuesday, August 27th. Truist Financial upgraded Biomea Fusion from a hold rating to a buy rating and set a $54.00 target price for the company in a research note on Friday. Finally, Piper Sandler dropped their price target on shares of Biomea Fusion from $45.00 to $10.00 and set an overweight rating for the company in a research note on Friday, June 7th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $29.40.

Biomea Fusion Price Performance

Shares of NASDAQ BMEA opened at $10.10 on Friday. The company has a market capitalization of $363.04 million, a price-to-earnings ratio of -2.83 and a beta of -0.47. Biomea Fusion has a 1-year low of $3.61 and a 1-year high of $22.74. The business has a 50-day moving average of $6.99 and a 200-day moving average of $8.85.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($1.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.03). Research analysts expect that Biomea Fusion will post -4.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BMEA. Bellevue Group AG acquired a new position in Biomea Fusion in the fourth quarter valued at approximately $363,000. Centaurus Financial Inc. acquired a new position in Biomea Fusion during the 4th quarter valued at approximately $102,000. PNC Financial Services Group Inc. acquired a new position in Biomea Fusion during the 4th quarter valued at approximately $116,000. Griffin Asset Management Inc. grew its stake in Biomea Fusion by 39.4% during the 1st quarter. Griffin Asset Management Inc. now owns 37,890 shares of the company’s stock worth $566,000 after buying an additional 10,700 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its position in Biomea Fusion by 66.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 6,862 shares of the company’s stock worth $103,000 after buying an additional 2,731 shares during the period. 96.72% of the stock is owned by institutional investors and hedge funds.

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.