Citigroup Trims Biomea Fusion (NASDAQ:BMEA) Target Price to $22.00

Biomea Fusion (NASDAQ:BMEA - Get Free Report) had its price objective decreased by Citigroup from $45.00 to $22.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's target price would indicate a potential upside of 180.61% from the stock's current price.

A number of other research analysts have also recently issued reports on BMEA. Barclays cut Biomea Fusion from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $30.00 to $5.00 in a research note on Friday, June 7th. Piper Sandler lowered their price objective on Biomea Fusion from $45.00 to $10.00 and set an "overweight" rating for the company in a research note on Friday, June 7th. Truist Financial cut Biomea Fusion from a "buy" rating to a "hold" rating in a research note on Tuesday, June 11th. Oppenheimer reduced their target price on Biomea Fusion from $70.00 to $60.00 and set an "outperform" rating for the company in a report on Thursday, May 30th. Finally, HC Wainwright reissued a "buy" rating and issued a $15.00 target price on shares of Biomea Fusion in a report on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Biomea Fusion presently has an average rating of "Moderate Buy" and an average price target of $25.38.

Biomea Fusion Stock Performance

Shares of BMEA traded up $0.02 on Tuesday, reaching $7.84. The stock had a trading volume of 487,060 shares, compared to its average volume of 1,082,139. The firm has a market capitalization of $281.81 million, a price-to-earnings ratio of -2.18 and a beta of -0.52. The company has a 50-day simple moving average of $5.41 and a 200-day simple moving average of $10.42. Biomea Fusion has a 12-month low of $3.61 and a 12-month high of $22.74.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last released its earnings results on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, meeting analysts' consensus estimates of ($1.03). On average, analysts expect that Biomea Fusion will post -4.09 EPS for the current fiscal year.

Institutional Trading of Biomea Fusion

Large investors have recently modified their holdings of the company. Scientech Research LLC bought a new stake in Biomea Fusion during the second quarter valued at about $46,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Biomea Fusion during the second quarter valued at about $36,000. Squarepoint Ops LLC bought a new stake in Biomea Fusion during the second quarter valued at about $237,000. Cubist Systematic Strategies LLC bought a new stake in Biomea Fusion during the second quarter valued at about $109,000. Finally, DRW Securities LLC bought a new stake in Biomea Fusion during the second quarter valued at about $55,000. 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.