Biomea Fusion (NASDAQ:BMEA) Earns Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Biomea Fusion (NASDAQ:BMEA) in a report released on Friday, Benzinga reports. HC Wainwright currently has a $50.00 target price on the stock.

BMEA has been the topic of a number of other research reports. Oppenheimer reaffirmed an outperform rating and set a $70.00 target price on shares of Biomea Fusion in a report on Wednesday, April 3rd. Truist Financial reissued a buy rating and issued a $55.00 price target on shares of Biomea Fusion in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. raised their target price on Biomea Fusion from $14.00 to $15.00 and gave the company a neutral rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Biomea Fusion presently has a consensus rating of Moderate Buy and an average target price of $53.25.

Biomea Fusion Stock Down 0.7 %

NASDAQ:BMEA opened at $12.26 on Friday. The business’s 50 day moving average is $14.22 and its two-hundred day moving average is $14.11. Biomea Fusion has a 52 week low of $8.13 and a 52 week high of $43.69. The company has a market cap of $441.47 million, a PE ratio of -3.43 and a beta of -0.33.

Biomea Fusion (NASDAQ:BMEA) last released its earnings results on Monday, April 1st. The company reported ($0.98) EPS for the quarter. As a group, sell-side analysts expect that Biomea Fusion will post -4.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

Hedge funds have recently modified their holdings of the company. Citigroup Inc. increased its position in shares of Biomea Fusion by 113.8% during the 3rd quarter. Citigroup Inc. now owns 116,134 shares of the company’s stock valued at $1,598,000 after purchasing an additional 61,810 shares during the period. Adage Capital Partners GP L.L.C. increased its position in shares of Biomea Fusion by 125.0% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 180,000 shares of the company’s stock valued at $2,477,000 after purchasing an additional 100,000 shares during the period. Rafferty Asset Management LLC increased its position in shares of Biomea Fusion by 70.8% during the 3rd quarter. Rafferty Asset Management LLC now owns 233,848 shares of the company’s stock valued at $3,218,000 after purchasing an additional 96,945 shares during the period. Trexquant Investment LP acquired a new position in shares of Biomea Fusion during the 3rd quarter valued at $434,000. Finally, FMR LLC increased its position in shares of Biomea Fusion by 0.6% during the 3rd quarter. FMR LLC now owns 5,344,191 shares of the company’s stock valued at $73,536,000 after purchasing an additional 34,026 shares during the period. 96.72% of the stock is currently 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.