Biomea Fusion (NASDAQ:BMEA) PT Raised to $9.00

Biomea Fusion (NASDAQ:BMEA) had its target price lifted by investment analysts at Barclays from $5.00 to $9.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price target would suggest a potential downside of 9.09% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Capital One Financial started coverage on Biomea Fusion in a research note on Thursday, August 29th. They issued an “overweight” rating and a $25.00 target price on the stock. Oppenheimer dropped their price objective on shares of Biomea Fusion from $70.00 to $60.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Truist Financial raised shares of 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. Scotiabank decreased their target price 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. Finally, Piper Sandler cut their price target on Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating on the stock in a report on Friday, June 7th. Two equities 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $29.40.

Biomea Fusion Stock Up 3.4 %

BMEA opened at $9.90 on Friday. The company’s 50-day moving average price is $6.89 and its 200 day moving average price is $8.96. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $22.74. The firm has a market cap of $358.48 million, a price-to-earnings ratio of -2.77 and a beta of -0.47.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($1.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($1.03). Research analysts anticipate that Biomea Fusion will post -4.09 earnings per share for the current year.

Institutional Trading of Biomea Fusion

Institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new stake in Biomea Fusion during the second quarter worth approximately $1,481,000. Squarepoint Ops LLC bought a new stake in shares of Biomea Fusion in the 2nd quarter worth $237,000. XTX Topco Ltd acquired a new stake in shares of Biomea Fusion in the second quarter valued at $207,000. iA Global Asset Management Inc. bought a new position in Biomea Fusion during the second quarter valued at about $174,000. Finally, SG Americas Securities LLC acquired a new position in Biomea Fusion during the first quarter worth about $462,000. 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.