Biomea Fusion, Inc. (NASDAQ:BMEA) Receives $21.40 Consensus Price Target from Analysts

Biomea Fusion, Inc. (NASDAQ:BMEA) has earned a consensus rating of “Buy” from the eleven research firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $21.40.

BMEA has been the subject of a number of analyst reports. Piper Sandler initiated coverage on shares of Biomea Fusion in a research note on Tuesday, June 3rd. They set an “overweight” rating and a $7.00 price objective for the company. Barclays cut their target price on shares of Biomea Fusion from $11.00 to $3.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 2nd. D. Boral Capital reaffirmed a “buy” rating and set a $16.00 price target on shares of Biomea Fusion in a report on Thursday, May 15th. Oppenheimer set a $10.00 price target on shares of Biomea Fusion in a report on Monday, March 24th. Finally, HC Wainwright lowered their target price on shares of Biomea Fusion from $40.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th.

Biomea Fusion Price Performance

Shares of NASDAQ:BMEA opened at $2.61 on Tuesday. The company’s fifty day moving average price is $1.86 and its 200-day moving average price is $3.20. The firm has a market capitalization of $98.06 million, a price-to-earnings ratio of -0.65 and a beta of -0.23. Biomea Fusion has a one year low of $1.29 and a one year high of $13.07.

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

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BMEA. Federated Hermes Inc. grew its holdings in Biomea Fusion by 398.2% during the first quarter. Federated Hermes Inc. now owns 594,121 shares of the company’s stock worth $1,265,000 after acquiring an additional 474,862 shares during the period. Two Sigma Investments LP lifted its position in Biomea Fusion by 104.4% during the fourth quarter. Two Sigma Investments LP now owns 559,930 shares of the company’s stock worth $2,173,000 after buying an additional 286,049 shares during the period. Two Sigma Advisers LP lifted its position in Biomea Fusion by 290.7% during the fourth quarter. Two Sigma Advisers LP now owns 459,500 shares of the company’s stock worth $1,783,000 after buying an additional 341,900 shares during the period. Renaissance Technologies LLC lifted its position in Biomea Fusion by 317.7% during the fourth quarter. Renaissance Technologies LLC now owns 343,732 shares of the company’s stock worth $1,334,000 after buying an additional 261,432 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Biomea Fusion by 3.9% in the 4th quarter. Northern Trust Corp now owns 322,650 shares of the company’s stock worth $1,252,000 after purchasing an additional 12,210 shares during the period. 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.