Biomea Fusion, Inc. (BMEA) – What Are Brokerages Thinking About This Stock?

Biomea Fusion, Inc. (NASDAQ:BMEA) has received a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating and six have issued a buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $7.60.

BMEA has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Biomea Fusion in a report on Monday, September 28th. Wall Street Zen lowered shares of Biomea Fusion from a “hold” rating to a “sell” rating in a report on Saturday, October 24th. Citigroup reissued a “market outperform” rating on shares of Biomea Fusion in a research note on Wednesday, September 30th. Citizens Jmp restated a “market outperform” rating and set a $7.00 price target on shares of Biomea Fusion in a report on Wednesday, October 14th. Finally, Brookline Capital Markets initiated coverage on Biomea Fusion in a research report on Wednesday, October 7th. They set a “buy” rating for the company.

Biomea Fusion Price Performance

Shares of Biomea Fusion stock opened at $0.62 on Friday. Biomea Fusion has a one year low of $0.55 and a one year high of $2.24. The business’s 50 day simple moving average is $1.37 and its two-hundred day simple moving average is $1.38. The stock has a market capitalization of $45.14 million, a P/E ratio of -2.15 and a beta of -0.28.

Biomea Fusion (NASDAQ:BMEA) last issued its 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. Sell-side analysts expect that Biomea Fusion will post -0.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rathbones Group PLC purchased a new position in Biomea Fusion during the 1st quarter valued at $57,000. ADAR1 Capital Management LLC bought a new position in Biomea Fusion in the second quarter worth about $64,000. GSA Capital Partners LLP purchased a new stake in Biomea Fusion in the second quarter worth about $318,000. BlackRock Inc. bought a new stake in Biomea Fusion during the 2nd quarter valued at approximately $1,052,000. Finally, Renaissance Technologies LLC grew its holdings in shares of 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. Institutional investors own 96.72% of the company’s stock.

About Biomea Fusion

Biomea Fusion, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule medicines for cancer and metabolic diseases. The company uses its proprietary FUSION System to discover and develop covalent medicines designed to engage disease-relevant protein targets.

Biomea’s lead investigational product is BMF-219, an oral, selective covalent inhibitor of menin. The company has evaluated BMF-219 in clinical studies for certain hematologic malignancies and solid tumors, including acute leukemias and multiple myeloma, and has also investigated its potential in metabolic diseases such as type 2 diabetes.