Biomea Fusion (NASDAQ:BMEA – Get Free Report) had its target price hoisted by investment analysts at Scotiabank from $21.00 to $41.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 314.14% from the stock’s previous close.
BMEA has been the topic of several other reports. Truist Financial raised Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research note on Friday. Barclays boosted their price objective on shares of Biomea Fusion from $5.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Friday. Piper Sandler cut their target price on shares of Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating on the stock in a research note on Friday, June 7th. Capital One Financial initiated coverage on shares of Biomea Fusion in a research report on Thursday, August 29th. They set an “overweight” rating and a $25.00 price target for the company. Finally, Rodman & Renshaw raised Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price objective on the stock in a research report on Thursday. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.40.
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Biomea Fusion Stock Performance
Biomea Fusion (NASDAQ:BMEA – Get Free Report) last posted 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 forecast that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Biomea Fusion
Hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC acquired a new stake in shares of Biomea Fusion in the 2nd quarter valued at about $1,481,000. Squarepoint Ops LLC bought a new position in Biomea Fusion during the 2nd quarter worth approximately $237,000. XTX Topco Ltd acquired a new position in shares of Biomea Fusion in the 2nd quarter worth approximately $207,000. iA Global Asset Management Inc. bought a new stake in shares of Biomea Fusion in the 2nd quarter valued at approximately $174,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Biomea Fusion during the 1st quarter valued at approximately $462,000. Institutional investors and hedge funds 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.
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