Barclays Boosts Biomea Fusion (NASDAQ:BMEA) Price Target to $9.00

Biomea Fusion (NASDAQ:BMEA) had its price objective upped by Barclays from $5.00 to $9.00 in a research note released on Friday, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other research firms also recently commented on BMEA. Capital One Financial began coverage on Biomea Fusion in a research report on Thursday, August 29th. They issued an overweight rating and a $25.00 target price on the stock. Oppenheimer lowered their price objective on Biomea Fusion from $70.00 to $60.00 and set an outperform rating on the stock in a research report on Thursday, May 30th. Citigroup reduced their target price on shares of Biomea Fusion from $45.00 to $22.00 and set a buy rating for the company in a research report on Tuesday, August 27th. Truist Financial raised shares of Biomea Fusion from a hold rating to a buy rating and set a $54.00 price target on the stock in a research report on Friday. Finally, HC Wainwright reissued a buy rating and issued a $15.00 price objective on shares of Biomea Fusion in a report on Thursday, August 1st. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $29.40.

Biomea Fusion Price Performance

BMEA stock opened at $9.90 on Friday. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74. The stock has a market cap of $355.86 million, a price-to-earnings ratio of -2.77 and a beta of -0.47. The company has a fifty day moving average price of $6.89 and a two-hundred day moving average price of $8.90.

Biomea Fusion (NASDAQ:BMEA) last announced its earnings results on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, hitting the consensus estimate of ($1.03). Research analysts anticipate that Biomea Fusion will post -4.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

Hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Biomea Fusion in the second quarter valued at approximately $36,000. High Net Worth Advisory Group LLC bought a new stake in shares of Biomea Fusion during the 2nd quarter worth $45,000. Scientech Research LLC acquired a new stake in Biomea Fusion in the second quarter valued at about $46,000. DRW Securities LLC bought a new position in Biomea Fusion in the second quarter valued at about $55,000. Finally, Centaurus Financial Inc. acquired a new position in Biomea Fusion during the fourth quarter worth about $102,000. 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.