Biomea Fusion, Inc. (NASDAQ:BMEA) Receives $8.20 Consensus Target Price from Brokerages

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) have received a consensus recommendation of “Moderate Buy” from the six analysts that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation and five have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $8.20.

BMEA has been the subject of several recent research reports. Citizens Jmp initiated coverage on shares of Biomea Fusion in a research note on Tuesday, May 5th. They issued a “market outperform” rating and a $9.00 target price for the company. Weiss Ratings cut shares of Biomea Fusion from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, July 1st. Wall Street Zen downgraded shares of Biomea Fusion from a “hold” rating to a “sell” rating in a report on Saturday, May 30th. D. Boral Capital reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Biomea Fusion in a report on Tuesday, April 28th. Finally, Citigroup assumed coverage on shares of Biomea Fusion in a research note on Tuesday, May 5th. They issued an “outperform” rating for the company.

Biomea Fusion Stock Performance

Shares of BMEA opened at $1.29 on Friday. The business has a 50-day moving average of $1.27 and a 200 day moving average of $1.38. Biomea Fusion has a fifty-two week low of $0.87 and a fifty-two week high of $2.99. The firm has a market cap of $93.50 million, a P/E ratio of -4.45 and a beta of -0.28.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.10. As a group, research analysts predict that Biomea Fusion will post -0.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

A number of large investors have recently made changes to their positions in BMEA. Scientech Research LLC purchased a new position in shares of Biomea Fusion in the third quarter valued at $25,000. Engineers Gate Manager LP purchased a new stake in Biomea Fusion during the 2nd quarter worth about $26,000. Millennium Management LLC lifted its holdings in Biomea Fusion by 156.7% during the 4th quarter. Millennium Management LLC now owns 25,677 shares of the company’s stock worth $32,000 after purchasing an additional 15,675 shares in the last quarter. Virtu Financial LLC bought a new position in Biomea Fusion in the 3rd quarter worth about $39,000. Finally, ADAR1 Capital Management LLC bought a new position in Biomea Fusion in the 4th quarter worth about $54,000. 96.72% of the stock is owned by institutional investors.

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.