Biomea Fusion (NASDAQ:BMEA) Raised to “Buy” at Truist Financial

Truist Financial upgraded shares of Biomea Fusion (NASDAQ:BMEA) from a hold rating to a buy rating in a report issued on Friday morning, MarketBeat.com reports. They currently have $54.00 price target on the stock.

A number of other research analysts have also recently issued reports on the stock. Rodman & Renshaw upgraded shares of 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 initiated coverage on Biomea Fusion in a research note on Thursday, August 29th. They set an overweight rating and a $25.00 target price for the company. HC Wainwright restated a buy rating and issued a $15.00 price target on shares of Biomea Fusion in a research note on Thursday, August 1st. Oppenheimer decreased their price objective 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, Barclays cut shares of Biomea Fusion from an overweight rating to an equal weight rating and cut their target price for the stock from $30.00 to $5.00 in a research note on Friday, June 7th. Two equities research 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. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $29.40.

Biomea Fusion Trading Up 3.4 %

Shares of NASDAQ BMEA opened at $9.90 on Friday. The firm has a market capitalization of $355.86 million, a price-to-earnings ratio of -2.77 and a beta of -0.47. The business has a fifty day simple moving average of $6.89 and a 200 day simple moving average of $8.90. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($1.03) earnings per share for the quarter, hitting the consensus estimate of ($1.03). On average, research analysts anticipate that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

Institutional investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Biomea Fusion in the 2nd quarter valued at $36,000. High Net Worth Advisory Group LLC purchased a new position in Biomea Fusion in the 2nd quarter worth $45,000. Scientech Research LLC bought a new stake in Biomea Fusion in the second quarter worth $46,000. DRW Securities LLC purchased a new stake in Biomea Fusion during the second quarter valued at about $55,000. Finally, Centaurus Financial Inc. bought a new position in shares of Biomea Fusion during the fourth quarter valued at about $102,000. 96.72% of the stock is currently owned by institutional investors.

Biomea Fusion Company Profile

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.