Biomea Fusion (NASDAQ:BMEA) Stock Rating Upgraded by Rodman & Renshaw

Biomea Fusion (NASDAQ:BMEA) was upgraded by investment analysts at Rodman & Renshaw from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The brokerage presently has a $18.00 price objective on the stock. Rodman & Renshaw’s price target would suggest a potential upside of 81.82% from the stock’s current price.

Several other research analysts have also recently weighed in on the stock. Citigroup dropped their price target on shares of Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Truist Financial downgraded Biomea Fusion from a “buy” rating to a “hold” rating in a research report on Tuesday, June 11th. Scotiabank cut their price target on Biomea Fusion from $41.00 to $21.00 and set a “sector outperform” rating for the company in a report on Friday, June 7th. Capital One Financial assumed coverage on Biomea Fusion in a research note on Thursday, August 29th. They issued an “overweight” rating and a $25.00 price objective on the stock. Finally, Oppenheimer cut their price objective 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. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.40.

Biomea Fusion Stock Performance

Biomea Fusion stock opened at $9.90 on Thursday. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74. The stock has a fifty day moving average of $6.89 and a 200 day moving average of $9.00. The stock has a market cap of $358.48 million, a PE ratio of -2.77 and a beta of -0.47.

Biomea Fusion (NASDAQ:BMEA) last released its quarterly 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, sell-side analysts predict that Biomea Fusion will post -4.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Capstone Investment Advisors LLC bought a new position in Biomea Fusion during the first quarter valued at $182,000. Centaurus Financial Inc. bought a new position in shares of Biomea Fusion in the 4th quarter valued at about $102,000. PNC Financial Services Group Inc. bought a new stake in Biomea Fusion during the fourth quarter worth approximately $116,000. SG Americas Securities LLC purchased a new stake in Biomea Fusion during the first quarter valued at approximately $462,000. Finally, Griffin Asset Management Inc. lifted its stake in shares of Biomea Fusion by 39.4% in the 1st quarter. Griffin Asset Management Inc. now owns 37,890 shares of the company’s stock valued at $566,000 after purchasing an additional 10,700 shares during the last quarter. 96.72% of the stock is currently owned by institutional investors.

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.