Biomea Fusion, Inc. (NASDAQ:BMEA) Receives $24.64 Average PT from Analysts

Biomea Fusion, Inc. (NASDAQ:BMEA) has earned an average recommendation of “Buy” from the thirteen analysts that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $23.91.

A number of research firms have issued reports on BMEA. Barclays reduced their price objective on Biomea Fusion from $11.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Wednesday. D. Boral Capital restated a “buy” rating and issued a $16.00 price target on shares of Biomea Fusion in a research report on Wednesday, March 19th. HC Wainwright reiterated a “buy” rating and set a $40.00 price objective on shares of Biomea Fusion in a research report on Monday. Finally, Oppenheimer set a $10.00 target price on shares of Biomea Fusion in a report on Monday, March 24th.

Hedge Funds Weigh In On Biomea Fusion

Several hedge funds have recently bought and sold shares of BMEA. Quest Partners LLC boosted its position in Biomea Fusion by 528.3% in the 3rd quarter. Quest Partners LLC now owns 19,553 shares of the company’s stock valued at $197,000 after buying an additional 16,441 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Biomea Fusion by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 208,391 shares of the company’s stock valued at $2,105,000 after acquiring an additional 7,551 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Biomea Fusion in the third quarter valued at approximately $111,000. FMR LLC increased its holdings in Biomea Fusion by 0.7% during the 3rd quarter. FMR LLC now owns 5,431,525 shares of the company’s stock worth $54,858,000 after purchasing an additional 39,959 shares during the period. Finally, Wexford Capital LP lifted its holdings in shares of Biomea Fusion by 26.9% in the 3rd quarter. Wexford Capital LP now owns 130,336 shares of the company’s stock worth $1,316,000 after buying an additional 27,619 shares during the period. Institutional investors own 96.72% of the company’s stock.

Biomea Fusion Price Performance

Biomea Fusion stock opened at $2.16 on Thursday. Biomea Fusion has a 1 year low of $1.87 and a 1 year high of $14.43. The firm’s 50 day moving average price is $3.19 and its 200-day moving average price is $5.89. The stock has a market cap of $78.28 million, a P/E ratio of -0.54 and a beta of -0.26.

Biomea Fusion (NASDAQ:BMEA) last released its quarterly earnings data on Monday, March 31st. The company reported ($0.81) EPS for the quarter, beating the consensus estimate of ($1.00) by $0.19. As a group, equities analysts expect that Biomea Fusion will post -3.93 EPS for the current year.

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.