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

Biomea Fusion, Inc. (NASDAQ:BMEA) has earned an average rating of “Moderate Buy” from the six analysts that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $9.00.

A number of equities research analysts recently weighed in on the company. Wall Street Zen cut Biomea Fusion from a “hold” rating to a “sell” rating in a report on Sunday. Weiss Ratings reissued a “sell (e+)” rating on shares of Biomea Fusion in a research note on Monday. HC Wainwright restated a “buy” rating on shares of Biomea Fusion in a report on Monday, August 24th. Finally, Citigroup restated a “market outperform” rating on shares of Biomea Fusion in a research note on Wednesday.

Institutional Investors Weigh In On Biomea Fusion

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rathbones Group PLC bought a new position in shares of Biomea Fusion in the first quarter worth about $57,000. ADAR1 Capital Management LLC bought a new stake in shares of Biomea Fusion during the second quarter valued at approximately $64,000. GSA Capital Partners LLP bought a new stake in shares of Biomea Fusion during the second quarter valued at approximately $318,000. BlackRock Inc. acquired a new stake in shares of Biomea Fusion in the second quarter valued at approximately $1,052,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Biomea Fusion by 174.3% in the first quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock valued at $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.

Biomea Fusion Trading Up 5.6%

Shares of Biomea Fusion stock opened at $1.33 on Monday. The stock has a market capitalization of $96.40 million, a price-to-earnings ratio of -4.59 and a beta of -0.23. Biomea Fusion has a 1-year low of $0.87 and a 1-year high of $2.99. The firm’s 50-day moving average price is $1.51 and its two-hundred day moving average price is $1.46.

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

Biomea Fusion Company Profile

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.