Biomea Fusion, Inc. (NASDAQ:BMEA) Given Average Rating of “Buy” by Brokerages

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) have received an average recommendation of “Buy” from the thirteen brokerages that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $39.36.

BMEA has been the subject of several research reports. HC Wainwright reiterated a “buy” rating and set a $40.00 price objective on shares of Biomea Fusion in a research note on Tuesday, January 14th. D. Boral Capital restated a “buy” rating and issued a $128.00 target price on shares of Biomea Fusion in a research note on Friday, January 10th. Barclays boosted their price target on Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Finally, Piper Sandler raised their price objective on Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st.

Biomea Fusion Trading Down 7.2 %

NASDAQ BMEA opened at $3.49 on Wednesday. Biomea Fusion has a 12-month low of $3.25 and a 12-month high of $19.35. The firm’s fifty day simple moving average is $4.41 and its two-hundred day simple moving average is $6.83. The firm has a market capitalization of $126.48 million, a P/E ratio of -0.87 and a beta of -0.34.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Griffin Asset Management Inc. boosted its stake in Biomea Fusion by 147.0% during the 3rd quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock worth $970,000 after purchasing an additional 57,180 shares during the period. Barclays PLC raised its holdings in shares of Biomea Fusion by 156.3% in the third quarter. Barclays PLC now owns 39,620 shares of the company’s stock valued at $401,000 after buying an additional 24,162 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Biomea Fusion during the second quarter worth about $237,000. Geode Capital Management LLC grew its holdings in shares of Biomea Fusion by 0.7% during the third quarter. Geode Capital Management LLC now owns 601,479 shares of the company’s stock worth $6,076,000 after buying an additional 4,291 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its position in Biomea Fusion by 62.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company’s stock valued at $212,000 after acquiring an additional 8,079 shares during the period. Institutional investors and hedge funds own 96.72% of the company’s stock.

Biomea Fusion Company Profile

Biomea Fusion, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of covalent small molecule drugs to treat patients with genetically defined cancers and metabolic diseases. Its lead product candidate is BMF-219, a covalent inhibitor of menin for treating patients with liquid and solid tumors and type 2 diabetes.