Biomea Fusion, Inc. (NASDAQ:BMEA) Stock Has Average Target Price of $9.00 According to Brokerages

Biomea Fusion, Inc. (NASDAQ:BMEA) has been given a consensus rating of “Moderate Buy” by the six analysts that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $9.00.

BMEA has been the subject of a number of recent research reports. HC Wainwright reissued a “buy” rating on shares of Biomea Fusion in a research report on Monday, August 24th. Citigroup reaffirmed a “market outperform” rating on shares of Biomea Fusion in a research report on Wednesday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Biomea Fusion in a research note on Monday, September 28th. Finally, Wall Street Zen upgraded Biomea Fusion from a “sell” rating to a “hold” rating in a research note on Monday.

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its holdings in Biomea Fusion by 174.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock worth $2,009,000 after acquiring an additional 834,179 shares during the period. BlackRock Inc. bought a new position in Biomea Fusion in the 2nd quarter valued at $1,052,000. GSA Capital Partners LLP purchased a new position in shares of Biomea Fusion during the 2nd quarter valued at $318,000. ADAR1 Capital Management LLC purchased a new position in shares of Biomea Fusion during the 2nd quarter valued at $64,000. Finally, Rathbones Group PLC purchased a new position in shares of Biomea Fusion during the 1st quarter valued at $57,000. Institutional investors own 96.72% of the company’s stock.

Biomea Fusion Price Performance

BMEA opened at $1.27 on Monday. Biomea Fusion has a twelve month low of $0.87 and a twelve month high of $2.99. The company’s 50-day moving average price is $1.51 and its two-hundred day moving average price is $1.46. The stock has a market cap of $92.05 million, a price-to-earnings ratio of -4.38 and a beta of -0.28.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.10. As a group, sell-side analysts anticipate that Biomea Fusion will post -0.73 earnings per share for the current year.

About Biomea Fusion

Biomea Fusion, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule medicines for patients with cancer and metabolic diseases. The company uses its proprietary FUSION System to discover and develop covalent medicines designed to selectively target disease-associated proteins.

Biomea’s lead investigational product is icovamenib, also known as BMF-219, an oral covalent inhibitor of menin. The company has evaluated icovamenib in clinical studies for genetically defined blood cancers, including acute leukemias and multiple myeloma, as well as for type 2 diabetes and other metabolic conditions.