Biomea Fusion (NASDAQ:BMEA) Upgraded by Rodman & Renshaw to Buy

Rodman & Renshaw upgraded shares of Biomea Fusion (NASDAQ:BMEA) from a neutral rating to a buy rating in a research report released on Thursday, Marketbeat reports. The brokerage currently has $18.00 target price on the stock.

Several other equities research analysts have also commented on BMEA. Oppenheimer decreased their price target on Biomea Fusion from $70.00 to $60.00 and set an outperform rating on the stock in a research note on Thursday, May 30th. Citigroup decreased their target price on Biomea Fusion from $45.00 to $22.00 and set a buy rating on the stock in a research report on Tuesday, August 27th. Truist Financial cut Biomea Fusion from a buy rating to a hold rating in a research report on Tuesday, June 11th. Capital One Financial assumed coverage on shares of Biomea Fusion in a research report on Thursday, August 29th. They issued an overweight rating and a $25.00 price objective on the stock. Finally, Piper Sandler dropped their target price on shares of Biomea Fusion from $45.00 to $10.00 and set an overweight rating for the company in a report on Friday, June 7th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Biomea Fusion has a consensus rating of Moderate Buy and an average price target of $29.40.

Biomea Fusion Stock Performance

Biomea Fusion stock opened at $9.90 on Thursday. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74. The company has a market cap of $358.48 million, a P/E ratio of -2.77 and a beta of -0.47. The business has a fifty day moving average of $6.89 and a two-hundred day moving average of $8.96.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, meeting the consensus estimate of ($1.03). Sell-side analysts predict that Biomea Fusion will post -4.09 EPS for the current year.

Institutional Investors Weigh In On Biomea Fusion

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Biomea Fusion by 1.2% in the first quarter. Vanguard Group Inc. now owns 1,365,625 shares of the company’s stock valued at $20,416,000 after buying an additional 15,626 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Biomea Fusion in the 2nd quarter worth approximately $1,481,000. Price T Rowe Associates Inc. MD raised its holdings in Biomea Fusion by 0.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 177,602 shares of the company’s stock valued at $2,656,000 after acquiring an additional 1,028 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Biomea Fusion by 46.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company’s stock worth $420,000 after purchasing an additional 29,400 shares during the period. Finally, SG Americas Securities LLC lifted its stake in shares of Biomea Fusion by 90.8% during the 2nd quarter. SG Americas Securities LLC now owns 59,009 shares of the company’s stock worth $266,000 after purchasing an additional 28,085 shares during the period. 96.72% of the stock is 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.