Biomea Fusion (NASDAQ:BMEA) Shares Up 0.8% – What’s Next?

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

Analysts Set New Price Targets

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

Biomea Fusion Stock Down 0.4%

The firm has a market cap of $92.91 million, a P/E ratio of -1.89 and a beta of -0.31. The stock’s 50-day moving average is $1.34 and its 200-day moving average is $1.39.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.07. As a group, analysts expect that Biomea Fusion, Inc. will post -0.82 EPS for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

Several large investors have recently added to or reduced their stakes in the company. Scientech Research LLC acquired a new position in Biomea Fusion during the 3rd quarter worth about $25,000. Engineers Gate Manager LP bought a new stake in Biomea Fusion during the 2nd quarter worth about $26,000. Millennium Management LLC increased its position in Biomea Fusion by 156.7% in the 4th quarter. Millennium Management LLC now owns 25,677 shares of the company’s stock valued at $32,000 after acquiring an additional 15,675 shares in the last quarter. Virtu Financial LLC acquired a new stake in Biomea Fusion in the 3rd quarter valued at about $39,000. Finally, State Street Corp raised its stake in shares of Biomea Fusion by 17.8% in the fourth quarter. State Street Corp now owns 165,115 shares of the company’s stock worth $205,000 after acquiring an additional 25,000 shares during the last quarter. Institutional investors and hedge funds own 96.72% of the company’s stock.

About Biomea Fusion

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.