Biomea Fusion (NASDAQ:BMEA) Stock Rating Reaffirmed by HC Wainwright

Biomea Fusion (NASDAQ:BMEA)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a research note issued on Friday, Benzinga reports. They presently have a $50.00 price objective on the stock. HC Wainwright’s price objective indicates a potential upside of 304.86% from the stock’s current price.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. increased their price target on shares of Biomea Fusion from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Friday. Truist Financial reaffirmed a “buy” rating and issued a $55.00 price target on shares of Biomea Fusion in a research report on Monday, April 1st. Finally, Oppenheimer reissued an “outperform” rating and set a $70.00 price objective on shares of Biomea Fusion in a report on Wednesday, April 3rd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.25.

Biomea Fusion Price Performance

BMEA traded up $0.42 during trading on Friday, reaching $12.35. 684,705 shares of the stock traded hands, compared to its average volume of 831,009. The stock’s 50-day simple moving average is $14.22 and its two-hundred day simple moving average is $14.08. Biomea Fusion has a fifty-two week low of $8.13 and a fifty-two week high of $43.69. The stock has a market cap of $444.72 million, a price-to-earnings ratio of -3.46 and a beta of -0.33.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings results on Monday, April 1st. The company reported ($0.98) earnings per share (EPS) for the quarter. Research analysts anticipate that Biomea Fusion will post -4.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Laurion Capital Management LP lifted its position in shares of Biomea Fusion by 16.5% in the 3rd quarter. Laurion Capital Management LP now owns 2,613,135 shares of the company’s stock worth $35,957,000 after acquiring an additional 369,448 shares during the period. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Biomea Fusion by 125.0% during the third quarter. Adage Capital Partners GP L.L.C. now owns 180,000 shares of the company’s stock valued at $2,477,000 after acquiring an additional 100,000 shares during the period. Rafferty Asset Management LLC boosted its stake in shares of Biomea Fusion by 70.8% in the 3rd quarter. Rafferty Asset Management LLC now owns 233,848 shares of the company’s stock valued at $3,218,000 after purchasing an additional 96,945 shares in the last quarter. Citigroup Inc. increased its position in shares of Biomea Fusion by 113.8% during the 3rd quarter. Citigroup Inc. now owns 116,134 shares of the company’s stock worth $1,598,000 after purchasing an additional 61,810 shares in the last quarter. Finally, Barclays PLC lifted its holdings in Biomea Fusion by 73.7% during the 3rd quarter. Barclays PLC now owns 116,621 shares of the company’s stock valued at $1,605,000 after purchasing an additional 49,485 shares during the last quarter. 96.72% of the stock is currently owned by institutional investors and hedge funds.

About Biomea Fusion

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.