Brokerages Set Biomea Fusion, Inc. (NASDAQ:BMEA) PT at $8.88

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) have been given an average recommendation of “Moderate Buy” by the nine brokerages that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, six have issued a buy rating and one has given 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 $8.8750.

BMEA has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Biomea Fusion in a research note on Wednesday, October 8th. D. Boral Capital cut their price objective on shares of Biomea Fusion from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Citigroup reduced their price objective on shares of Biomea Fusion from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Finally, Jefferies Financial Group assumed coverage on shares of Biomea Fusion in a report on Thursday, August 28th. They issued a “buy” rating and a $5.00 target price for the company.

Biomea Fusion Price Performance

NASDAQ:BMEA opened at $1.19 on Tuesday. Biomea Fusion has a 12 month low of $0.87 and a 12 month high of $6.79. The firm has a market capitalization of $84.14 million, a PE ratio of -0.50 and a beta of -0.14. The business’s fifty day moving average price is $1.46 and its 200 day moving average price is $1.73.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.01). As a group, equities analysts anticipate that Biomea Fusion will post -3.93 EPS for the current year.

Hedge Funds Weigh In On Biomea Fusion

Several large investors have recently bought and sold shares of BMEA. CWM LLC boosted its holdings in shares of Biomea Fusion by 8,058.5% in the first quarter. CWM LLC now owns 16,888 shares of the company’s stock valued at $36,000 after acquiring an additional 16,681 shares in the last quarter. Federated Hermes Inc. lifted its position in Biomea Fusion by 398.2% in the first quarter. Federated Hermes Inc. now owns 594,121 shares of the company’s stock valued at $1,265,000 after purchasing an additional 474,862 shares during the period. Nuveen LLC acquired a new stake in Biomea Fusion in the first quarter valued at about $575,000. Ieq Capital LLC purchased a new stake in Biomea Fusion in the 1st quarter valued at approximately $122,000. Finally, AQR Capital Management LLC increased its position in Biomea Fusion by 670.5% during the 1st quarter. AQR Capital Management LLC now owns 264,028 shares of the company’s stock worth $562,000 after purchasing an additional 229,763 shares during the period. Institutional investors and hedge funds own 96.72% of the company’s stock.

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.