Biomea Fusion (NASDAQ:BMEA) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Biomea Fusion (NASDAQ:BMEA) to a strong-buy rating in a report published on Monday,Zacks.com reports.

BMEA has been the topic of several other reports. D. Boral Capital reiterated a “buy” rating and set a $16.00 target price on shares of Biomea Fusion in a research note on Thursday, May 15th. Barclays dropped their price target on Biomea Fusion from $11.00 to $3.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 2nd. Oppenheimer set a $10.00 price target on Biomea Fusion in a research note on Monday, March 24th. Finally, HC Wainwright dropped their price target on Biomea Fusion from $40.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $21.40.

Biomea Fusion Trading Up 14.9%

Shares of BMEA opened at $2.86 on Monday. The business’s fifty day simple moving average is $1.81 and its two-hundred day simple moving average is $3.37. Biomea Fusion has a 12 month low of $1.29 and a 12 month high of $13.07. The company has a market cap of $107.46 million, a price-to-earnings ratio of -0.71 and a beta of -0.07.

Biomea Fusion (NASDAQ:BMEA) last issued its earnings results on Monday, May 5th. The company reported ($0.80) EPS for the quarter, beating the consensus estimate of ($0.84) by $0.04. As a group, research analysts forecast that Biomea Fusion will post -3.93 EPS for the current year.

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its holdings in Biomea Fusion by 14.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 24,005 shares of the company’s stock worth $93,000 after purchasing an additional 3,005 shares during the period. Wexford Capital LP raised its holdings in Biomea Fusion by 2.3% during the fourth quarter. Wexford Capital LP now owns 133,343 shares of the company’s stock valued at $517,000 after acquiring an additional 3,007 shares during the period. Wells Fargo & Company MN raised its holdings in Biomea Fusion by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 12,914 shares of the company’s stock valued at $50,000 after acquiring an additional 4,399 shares during the period. JPMorgan Chase & Co. raised its holdings in Biomea Fusion by 27.6% during the fourth quarter. JPMorgan Chase & Co. now owns 22,535 shares of the company’s stock valued at $87,000 after acquiring an additional 4,868 shares during the period. Finally, Barclays PLC raised its holdings in Biomea Fusion by 18.4% during the fourth quarter. Barclays PLC now owns 46,904 shares of the company’s stock valued at $182,000 after acquiring an additional 7,284 shares during the period. 96.72% of the stock is owned by institutional investors.

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.