Piper Sandler Begins Coverage on Biomea Fusion (NASDAQ:BMEA)

Piper Sandler started coverage on shares of Biomea Fusion (NASDAQ:BMEA) in a research report sent to investors on Tuesday morning, MarketBeat reports. The firm issued an overweight rating and a $7.00 price objective on the stock.

Several other analysts have also issued reports on the stock. HC Wainwright dropped their target price on shares of Biomea Fusion from $40.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. Barclays lowered their price target on shares of Biomea Fusion from $11.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 2nd. D. Boral Capital restated a “buy” rating and set a $16.00 price target on shares of Biomea Fusion in a research report on Thursday, May 15th. Finally, Oppenheimer set a $10.00 price target on shares of Biomea Fusion in a research report on Monday, March 24th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $21.40.

Biomea Fusion Stock Up 60.6%

Shares of NASDAQ BMEA opened at $2.49 on Tuesday. The company’s 50-day simple moving average is $1.80 and its 200-day simple moving average is $3.37. Biomea Fusion has a 52-week low of $1.29 and a 52-week high of $13.07. The firm has a market cap of $93.55 million, a price-to-earnings ratio of -0.62 and a beta of -0.07.

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

Hedge Funds Weigh In On Biomea Fusion

Institutional investors have recently bought and sold shares of the company. Northern Trust Corp raised its stake in Biomea Fusion by 3.9% during the fourth 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. Wellington Management Group LLP purchased a new position in Biomea Fusion during the fourth quarter worth about $317,000. D. E. Shaw & Co. Inc. purchased a new stake in shares of Biomea Fusion in the 4th quarter valued at approximately $453,000. Two Sigma Investments LP raised its stake in shares of Biomea Fusion by 104.4% in the 4th quarter. Two Sigma Investments LP now owns 559,930 shares of the company’s stock valued at $2,173,000 after acquiring an additional 286,049 shares during the period. Finally, Barclays PLC raised its stake in shares of Biomea Fusion by 18.4% in the 4th quarter. Barclays PLC now owns 46,904 shares of the company’s stock valued at $182,000 after acquiring an additional 7,284 shares during the period. 96.72% of the stock is owned by hedge funds and other 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.