Biomea Fusion, Inc. (NASDAQ:BMEA) Receives Consensus Rating of "Moderate Buy" from Analysts

Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) has earned a consensus rating of "Moderate Buy" from the nine analysts that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $25.33.

Several equities analysts have recently commented on the company. HC Wainwright reissued a "buy" rating and set a $15.00 price objective on shares of Biomea Fusion in a report on Thursday, August 1st. Oppenheimer dropped their price target on Biomea Fusion from $70.00 to $60.00 and set an "outperform" rating for the company in a research note on Thursday, May 30th. Scotiabank lowered their target price on Biomea Fusion from $41.00 to $21.00 and set a "sector outperform" rating for the company in a research note on Friday, June 7th. Piper Sandler cut their price objective on shares of Biomea Fusion from $45.00 to $10.00 and set an "overweight" rating on the stock in a report on Friday, June 7th. Finally, Barclays lowered Biomea Fusion from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $30.00 to $5.00 in a research report on Friday, June 7th.

Biomea Fusion Stock Performance

Shares of Biomea Fusion stock traded down $0.53 during mid-day trading on Friday, hitting $7.08. 367,107 shares of the stock were exchanged, compared to its average volume of 1,065,333. The company has a market capitalization of $254.49 million, a P/E ratio of -1.98 and a beta of -0.47. Biomea Fusion has a 12 month low of $3.61 and a 12 month high of $22.74. The company has a 50-day simple moving average of $5.86 and a 200 day simple moving average of $9.80.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($1.03) earnings per share for the quarter, hitting the consensus estimate of ($1.03). Analysts predict that Biomea Fusion will post -4.09 EPS for the current year.

Hedge Funds Weigh In On Biomea Fusion

Institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Biomea Fusion in the second quarter worth $36,000. High Net Worth Advisory Group LLC purchased a new position in shares of Biomea Fusion in the second quarter valued at about $45,000. Scientech Research LLC purchased a new position in shares of Biomea Fusion in the second quarter valued at about $46,000. DRW Securities LLC bought a new position in shares of Biomea Fusion in the second quarter worth about $55,000. Finally, Quest Partners LLC purchased a new stake in shares of Biomea Fusion during the fourth quarter worth about $79,000. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

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.