Scotiabank Issues Pessimistic Forecast for Biomea Fusion (NASDAQ:BMEA) Stock Price

Biomea Fusion (NASDAQ:BMEA) had its price target dropped by stock analysts at Scotiabank from $30.00 to $10.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock.

Several other research firms have also commented on BMEA. D. Boral Capital reaffirmed a “buy” rating and issued a $16.00 price target on shares of Biomea Fusion in a report on Wednesday. HC Wainwright decreased their price objective on Biomea Fusion from $40.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Piper Sandler initiated coverage on Biomea Fusion in a report on Tuesday, June 3rd. They set an “overweight” rating and a $7.00 target price on the stock. Citigroup decreased their price target on Biomea Fusion from $22.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, July 16th. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Biomea Fusion in a research note on Tuesday. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Biomea Fusion currently has a consensus rating of “Buy” and an average price target of $17.00.

Biomea Fusion Stock Up 2.5%

Biomea Fusion stock opened at $1.63 on Wednesday. The firm has a market cap of $61.24 million, a P/E ratio of -0.54 and a beta of -0.14. The business has a fifty day moving average of $1.95 and a two-hundred day moving average of $2.36. Biomea Fusion has a twelve month low of $1.29 and a twelve month high of $13.07.

Biomea Fusion (NASDAQ:BMEA) last posted its earnings results on Tuesday, August 5th. The company reported ($0.51) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.08. Equities analysts expect that Biomea Fusion will post -3.93 earnings per share for the current year.

Institutional Trading of Biomea Fusion

Several institutional investors and hedge funds have recently added to or reduced their stakes in BMEA. Bank of America Corp DE grew its holdings in shares of Biomea Fusion by 98.0% in the 4th quarter. Bank of America Corp DE now owns 51,180 shares of the company’s stock worth $199,000 after acquiring an additional 25,332 shares during the period. Northern Trust Corp raised its position in Biomea Fusion by 3.9% in the fourth quarter. Northern Trust Corp now owns 322,650 shares of the company’s stock valued at $1,252,000 after purchasing an additional 12,210 shares during the period. Oppenheimer & Co. Inc. boosted its position in shares of Biomea Fusion by 90.0% in the first quarter. Oppenheimer & Co. Inc. now owns 165,937 shares of the company’s stock worth $353,000 after buying an additional 78,579 shares during the period. Exchange Traded Concepts LLC raised its holdings in shares of Biomea Fusion by 140.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 50,550 shares of the company’s stock valued at $108,000 after buying an additional 29,565 shares during the period. Finally, Wellington Management Group LLP acquired a new position in shares of Biomea Fusion during the fourth quarter worth $317,000. 96.72% of the stock is owned by hedge funds and other 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.