Biomea Fusion (NASDAQ:BMEA) Stock Rating Upgraded by RODMAN&RENSHAW

Biomea Fusion (NASDAQ:BMEA) was upgraded by analysts at RODMAN&RENSHAW to a “strong-buy” rating in a report issued on Thursday, Zacks.com reports.

A number of other equities research analysts have also issued reports on BMEA. HC Wainwright raised their price target on shares of Biomea Fusion from $15.00 to $40.00 and gave the stock a “buy” rating in a report on Friday. Barclays increased their target price on shares of Biomea Fusion from $5.00 to $9.00 and gave the stock an “equal weight” rating in a report on Friday. Capital One Financial began coverage on Biomea Fusion in a report on Thursday, August 29th. They set an “overweight” rating and a $25.00 price target on the stock. Scotiabank increased their price objective on Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a report on Friday. Finally, Truist Financial raised Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research note on Friday. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Biomea Fusion presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.40.

Biomea Fusion Stock Performance

Shares of BMEA opened at $9.90 on Thursday. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $22.74. The firm has a 50 day moving average price of $6.89 and a 200-day moving average price of $9.00. The firm has a market cap of $358.48 million, a price-to-earnings ratio of -2.77 and a beta of -0.47.

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

Institutional Trading of Biomea Fusion

Hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC bought a new position in Biomea Fusion during the 2nd quarter valued at approximately $1,481,000. Squarepoint Ops LLC bought a new position in shares of Biomea Fusion during the second quarter valued at $237,000. XTX Topco Ltd purchased a new position in shares of Biomea Fusion in the 2nd quarter worth about $207,000. iA Global Asset Management Inc. bought a new position in Biomea Fusion in the 2nd quarter worth about $174,000. Finally, SG Americas Securities LLC bought a new position in Biomea Fusion in the 1st quarter worth about $462,000. Institutional investors own 96.72% of the company’s stock.

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.