Biomea Fusion, Inc. (NASDAQ:BMEA) Given Average Rating of "Buy" by Analysts

Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) has received a consensus recommendation of "Buy" from the thirteen research firms that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $39.36.

BMEA has been the topic of a number of analyst reports. Barclays upped their target price on Biomea Fusion from $9.00 to $11.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 30th. RODMAN&RENSHAW raised Biomea Fusion to a "strong-buy" rating in a research report on Thursday, September 26th. 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 report on Friday, September 27th. EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a "strong-buy" rating in a report on Wednesday, October 9th. Finally, D. Boral Capital reaffirmed a "buy" rating and issued a $128.00 price target on shares of Biomea Fusion in a research note on Friday.

Biomea Fusion Stock Down 6.8 %

BMEA traded down $0.29 during trading on Friday, reaching $3.98. The company had a trading volume of 804,005 shares, compared to its average volume of 1,078,818. Biomea Fusion has a 52 week low of $3.61 and a 52 week high of $20.21. The stock has a market cap of $144.23 million, a P/E ratio of -0.99 and a beta of -0.35. The business has a 50 day simple moving average of $5.83 and a 200-day simple moving average of $6.95.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.91) EPS for the quarter, topping analysts' consensus estimates of ($0.94) by $0.03. As a group, equities research analysts expect that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Institutional Trading of Biomea Fusion

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its stake 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. Rhumbline Advisers lifted its position in shares of Biomea Fusion by 29.6% during the second quarter. Rhumbline Advisers now owns 36,238 shares of the company's stock valued at $163,000 after buying an additional 8,272 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Biomea Fusion in the 2nd quarter valued at about $1,481,000. XTX Topco Ltd purchased a new position in shares of Biomea Fusion in the 2nd quarter worth approximately $207,000. Finally, DRW Securities LLC purchased a new position in shares of Biomea Fusion in the 2nd quarter worth approximately $55,000. 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.