Biomea Fusion (NASDAQ:BMEA) Stock Rating Lowered by Truist Financial

Truist Financial downgraded shares of Biomea Fusion (NASDAQ:BMEA) from a buy rating to a hold rating in a research report sent to investors on Tuesday, Marketbeat reports.

A number of other analysts have also recently commented on the stock. Citigroup cut their target price on shares of Biomea Fusion from $90.00 to $45.00 and set a buy rating for the company in a research note on Friday, June 7th. Piper Sandler lowered their price target on shares of Biomea Fusion from $45.00 to $10.00 and set an overweight rating on the stock in a research report on Friday, June 7th. HC Wainwright lowered their price target on shares of Biomea Fusion from $50.00 to $15.00 and set a buy rating on the stock in a research report on Friday, June 7th. Oppenheimer decreased their target price on shares of Biomea Fusion from $70.00 to $60.00 and set an outperform rating on the stock in a report on Thursday, May 30th. Finally, Scotiabank decreased their target price on shares of Biomea Fusion from $41.00 to $21.00 and set a sector outperform rating on the stock in a report on Friday, June 7th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Biomea Fusion has a consensus rating of Moderate Buy and an average target price of $28.25.

Biomea Fusion Stock Performance

BMEA opened at $5.64 on Tuesday. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $38.84. The company has a fifty day moving average of $10.79 and a two-hundred day moving average of $14.10. The stock has a market capitalization of $202.73 million, a price-to-earnings ratio of -1.58 and a beta of -0.35.

Biomea Fusion (NASDAQ:BMEA) last released its earnings results on Thursday, May 2nd. The company reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of ($1.02) by ($0.07). On average, equities research analysts forecast that Biomea Fusion will post -4.09 earnings per share for the current year.

Hedge Funds Weigh In On Biomea Fusion

Several large investors have recently made changes to their positions in the stock. Barclays PLC increased its stake in Biomea Fusion by 73.7% during the 3rd quarter. Barclays PLC now owns 116,621 shares of the company’s stock worth $1,605,000 after buying an additional 49,485 shares during the period. Citigroup Inc. increased its stake in 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 buying an additional 61,810 shares during the period. E Fund Management Co. Ltd. purchased a new stake in Biomea Fusion during the 3rd quarter worth approximately $165,000. Rafferty Asset Management LLC increased its stake in Biomea Fusion by 70.8% during the 3rd quarter. Rafferty Asset Management LLC now owns 233,848 shares of the company’s stock worth $3,218,000 after buying an additional 96,945 shares during the period. Finally, FMR LLC increased its stake in Biomea Fusion by 0.6% during the 3rd quarter. FMR LLC now owns 5,344,191 shares of the company’s stock worth $73,536,000 after buying an additional 34,026 shares during the period. 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.