HC Wainwright Boosts Biomea Fusion (NASDAQ:BMEA) Price Target to $40.00

Biomea Fusion (NASDAQ:BMEA) had its price objective increased by HC Wainwright from $15.00 to $40.00 in a research note published on Friday morning, Benzinga reports. HC Wainwright currently has a buy rating on the stock.

A number of other research firms also recently commented on BMEA. Rodman & Renshaw upgraded Biomea Fusion from a neutral rating to a buy rating and set a $18.00 price objective for the company in a report on Thursday. Capital One Financial started coverage on Biomea Fusion in a research note on Thursday, August 29th. They set an overweight rating and a $25.00 price target for the company. Citigroup reduced their price objective on Biomea Fusion from $45.00 to $22.00 and set a buy rating on the stock in a research note on Tuesday, August 27th. Piper Sandler dropped their target price on shares of Biomea Fusion from $45.00 to $10.00 and set an overweight rating for the company in a research report on Friday, June 7th. Finally, Scotiabank reduced their price target on shares of Biomea Fusion from $41.00 to $21.00 and set a sector outperform rating on the stock in a research report on Friday, June 7th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $29.40.

Biomea Fusion Stock Performance

Shares of NASDAQ:BMEA opened at $9.90 on Friday. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74. The stock has a market cap of $355.86 million, a PE ratio of -2.77 and a beta of -0.47. The business’s fifty day moving average price is $6.89 and its two-hundred day moving average price is $8.90.

Biomea Fusion (NASDAQ:BMEA) last released its earnings results on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, hitting the consensus estimate of ($1.03). As a group, equities research analysts predict that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new stake in Biomea Fusion during the 2nd quarter worth $109,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Biomea Fusion during the second quarter worth about $36,000. Scientech Research LLC acquired a new position in shares of Biomea Fusion in the second quarter worth about $46,000. Squarepoint Ops LLC purchased a new position in Biomea Fusion in the second quarter valued at about $237,000. Finally, DRW Securities LLC purchased a new position in Biomea Fusion in the second quarter valued at about $55,000. 96.72% of the stock is 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.