Biomea Fusion (NASDAQ:BMEA) Lifted to “Strong-Buy” at RODMAN&RENSHAW

RODMAN&RENSHAW upgraded shares of Biomea Fusion (NASDAQ:BMEA) to a strong-buy rating in a research note published on Thursday morning, Zacks.com reports.

Several other brokerages also recently issued reports on BMEA. Rodman & Renshaw upgraded shares of Biomea Fusion from a neutral rating to a buy rating and set a $18.00 price objective on the stock in a report on Thursday. HC Wainwright lifted their price target on Biomea Fusion from $15.00 to $40.00 and gave the company a buy rating in a research note on Friday. Scotiabank upped their price objective on Biomea Fusion from $21.00 to $41.00 and gave the stock a sector outperform rating in a research report on Friday. Capital One Financial assumed coverage on Biomea Fusion in a research report on Thursday, August 29th. They issued an overweight rating and a $25.00 target price on the stock. Finally, Citigroup reduced their price target on Biomea Fusion from $45.00 to $22.00 and set a buy rating for the company in a research report on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $29.40.

Biomea Fusion Stock Performance

Shares of BMEA stock opened at $9.90 on Thursday. The firm’s 50 day moving average price is $6.89 and its two-hundred day moving average price is $8.90. The stock has a market cap of $355.86 million, a PE ratio of -2.77 and a beta of -0.47. Biomea Fusion has a 52-week low of $3.61 and a 52-week high of $22.74.

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). As a group, sell-side analysts predict that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biomea Fusion

Several large investors have recently made changes to their positions in the stock. Bellevue Group AG bought a new stake in Biomea Fusion during the fourth quarter worth $363,000. Centaurus Financial Inc. acquired a new position in shares of Biomea Fusion during the 4th quarter worth about $102,000. PNC Financial Services Group Inc. acquired a new position in shares of Biomea Fusion during the 4th quarter worth about $116,000. Griffin Asset Management Inc. raised its holdings 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 period. Finally, China Universal Asset Management Co. Ltd. lifted its stake in Biomea Fusion by 66.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 6,862 shares of the company’s stock valued at $103,000 after purchasing an additional 2,731 shares during the last quarter. Institutional investors and hedge funds 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.