Biomea Fusion (NASDAQ:BMEA) Trading 0.8% Higher – Should You Buy?

Biomea Fusion, Inc. (NASDAQ:BMEA) shares shot up 0.8% during trading on Monday . The stock traded as high as $1.34 and last traded at $1.33. Approximately 1,047,015 shares traded hands during mid-day trading, an increase of 12% from the average session volume of 935,585 shares. The stock had previously closed at $1.32.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BMEA shares. Citizens Jmp assumed coverage on Biomea Fusion in a research note on Tuesday, May 5th. They issued a “market outperform” rating and a $9.00 target price for the company. Weiss Ratings downgraded shares of Biomea Fusion from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, July 1st. D. Boral Capital reissued a “buy” rating and set a $12.00 price objective on shares of Biomea Fusion in a report on Tuesday, April 28th. Wall Street Zen cut shares of Biomea Fusion from a “hold” rating to a “sell” rating in a research report on Saturday, May 30th. Finally, Citigroup began coverage on shares of Biomea Fusion in a research note on Tuesday, May 5th. They issued an “outperform” rating for the company. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $8.50.

Biomea Fusion Price Performance

The stock has a market capitalization of $96.16 million, a price-to-earnings ratio of -1.96 and a beta of -0.31. The stock has a 50-day moving average of $1.34 and a 200 day moving average of $1.39.

Biomea Fusion (NASDAQ:BMEA) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.07. Sell-side analysts anticipate that Biomea Fusion, Inc. will post -0.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

Several institutional investors have recently modified their holdings of BMEA. Scientech Research LLC acquired a new stake in shares of Biomea Fusion in the 3rd quarter valued at approximately $25,000. Engineers Gate Manager LP acquired a new position in Biomea Fusion during the second quarter valued at approximately $26,000. Virtu Financial LLC bought a new stake in Biomea Fusion in the third quarter valued at approximately $39,000. Millennium Management LLC increased its stake in Biomea Fusion by 156.7% in the fourth quarter. Millennium Management LLC now owns 25,677 shares of the company’s stock valued at $32,000 after purchasing an additional 15,675 shares in the last quarter. Finally, Rathbones Group PLC acquired a new stake in Biomea Fusion in the first quarter worth $57,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.

Biomea Fusion Company Profile

Biomea Fusion, Inc (NASDAQ:BMEA) is a clinical‐stage biopharmaceutical company headquartered in Carlsbad, California. The company is dedicated to the discovery and development of small molecule therapies that target epigenetic regulators implicated in cancer. By leveraging a proprietary chemistry and drug discovery platform, Biomea Fusion aims to design precision medicines that modulate gene expression pathways involved in the initiation and progression of hematological malignancies and solid tumors.

The company’s lead clinical asset, BMF-219, is an orally bioavailable inhibitor of the menin–mixed‐lineage leukemia (MLL) protein–protein interaction.