Biomea Fusion (NASDAQ:BMEA) Coverage Initiated at Piper Sandler

Piper Sandler initiated coverage on shares of Biomea Fusion (NASDAQ:BMEA) in a report released on Tuesday, Marketbeat.com reports. The firm set an “overweight” rating and a $7.00 price target on the stock. Piper Sandler’s target price would indicate a potential upside of 144.76% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. Barclays dropped their price objective on shares of Biomea Fusion from $11.00 to $3.00 and set an “equal weight” rating for the company in a report on Wednesday, April 2nd. Oppenheimer set a $10.00 price objective on shares of Biomea Fusion in a report on Monday, March 24th. D. Boral Capital reaffirmed a “buy” rating and set a $16.00 price objective on shares of Biomea Fusion in a report on Thursday, May 15th. Finally, HC Wainwright dropped their price objective on shares of Biomea Fusion from $40.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $21.40.

Biomea Fusion Price Performance

Shares of NASDAQ:BMEA opened at $2.86 on Tuesday. The firm has a fifty day moving average price of $1.81 and a two-hundred day moving average price of $3.37. Biomea Fusion has a one year low of $1.29 and a one year high of $13.07. The company has a market cap of $107.46 million, a price-to-earnings ratio of -0.71 and a beta of -0.23.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings results on Monday, May 5th. The company reported ($0.80) EPS for the quarter, beating the consensus estimate of ($0.84) by $0.04. Equities research analysts expect that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Institutional Trading of Biomea Fusion

Hedge funds have recently added to or reduced their stakes in the business. Bayesian Capital Management LP bought a new stake in Biomea Fusion in the fourth quarter worth $42,000. Wells Fargo & Company MN lifted its stake in Biomea Fusion by 51.7% in the fourth quarter. Wells Fargo & Company MN now owns 12,914 shares of the company’s stock worth $50,000 after purchasing an additional 4,399 shares during the last quarter. Intech Investment Management LLC bought a new stake in Biomea Fusion in the fourth quarter worth $54,000. Maia Wealth LLC bought a new stake in Biomea Fusion in the fourth quarter worth $62,000. Finally, SG Americas Securities LLC purchased a new position in shares of Biomea Fusion in the fourth quarter valued at about $58,000. 96.72% of the stock is owned by institutional investors.

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.