Biomea Fusion, Inc. (NASDAQ:BMEA) Receives $9.00 Average Price Target from Analysts

Biomea Fusion, Inc. (NASDAQ:BMEA) has been assigned a consensus rating of “Moderate Buy” from the six research firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $9.00.

A number of analysts have commented on the company. HC Wainwright reiterated a “buy” rating on shares of Biomea Fusion in a research report on Monday, August 24th. Weiss Ratings cut Biomea Fusion from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, July 1st. Finally, Wall Street Zen lowered Biomea Fusion from a “hold” rating to a “sell” rating in a research note on Sunday.

Biomea Fusion Stock Performance

NASDAQ BMEA opened at $2.03 on Thursday. The firm has a 50-day simple moving average of $1.40 and a 200 day simple moving average of $1.42. Biomea Fusion has a twelve month low of $0.87 and a twelve month high of $2.99. The stock has a market cap of $147.13 million, a PE ratio of -7.00 and a beta of -0.23.

Biomea Fusion (NASDAQ:BMEA) last released its earnings results on Thursday, August 6th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.10. Research analysts forecast that Biomea Fusion will post -0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

A number of hedge funds have recently made changes to their positions in the business. ADAR1 Capital Management LLC bought a new position in shares of Biomea Fusion during the 2nd quarter worth about $64,000. BlackRock Inc. bought a new stake in Biomea Fusion in the second quarter valued at about $1,052,000. GSA Capital Partners LLP bought a new stake in Biomea Fusion in the second quarter valued at about $318,000. Rathbones Group PLC acquired a new position in Biomea Fusion in the first quarter worth about $57,000. Finally, Renaissance Technologies LLC raised its position in Biomea Fusion by 174.3% in the first quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock worth $2,009,000 after purchasing an additional 834,179 shares in 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.