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

Biomea Fusion, Inc. (NASDAQ:BMEA) has earned an average rating of “Moderate Buy” from the six analysts that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $9.00.

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

Biomea Fusion Price Performance

Shares of NASDAQ BMEA opened at $2.03 on Thursday. Biomea Fusion has a 1 year low of $0.87 and a 1 year high of $2.99. The firm has a 50-day moving average of $1.41 and a 200 day moving average of $1.43. The stock has a market cap of $147.13 million, a P/E ratio of -7.00 and a beta of -0.23.

Biomea Fusion (NASDAQ:BMEA) last announced its earnings results on Thursday, August 6th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.10. Research analysts expect 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 bought and sold shares of BMEA. Scientech Research LLC purchased a new stake in Biomea Fusion during the 3rd quarter valued at about $25,000. Engineers Gate Manager LP bought a new stake in Biomea Fusion during the 2nd quarter valued at about $26,000. Millennium Management LLC raised its holdings in Biomea Fusion by 156.7% in the fourth quarter. Millennium Management LLC now owns 25,677 shares of the company’s stock worth $32,000 after buying an additional 15,675 shares during the last quarter. Virtu Financial LLC purchased a new position in Biomea Fusion in the third quarter worth about $39,000. Finally, State Street Corp lifted its stake in shares of Biomea Fusion by 17.8% in the fourth quarter. State Street Corp now owns 165,115 shares of the company’s stock worth $205,000 after buying an additional 25,000 shares in the last quarter. Institutional investors 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.