Biomea Fusion (NASDAQ:BMEA) Earns “Market Outperform” Rating from Citizens Jmp

Biomea Fusion (NASDAQ:BMEA)‘s stock had its “market outperform” rating reaffirmed by stock analysts at Citizens Jmp in a research note issued on Wednesday, Benzinga reports. They presently have a $7.00 target price on the stock.

Several other brokerages have also recently commented on BMEA. Brookline Capital Markets initiated coverage on Biomea Fusion in a report on Wednesday, October 7th. They set a “buy” rating on the stock. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of Biomea Fusion in a research note on Wednesday. Wall Street Zen raised Biomea Fusion from a “sell” rating to a “hold” rating in a research note on Monday, October 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Biomea Fusion in a research note on Monday, September 28th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Biomea Fusion in a research note on Wednesday, September 30th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $7.60.

Biomea Fusion Price Performance

Shares of BMEA stock traded down $0.44 during trading hours on Wednesday, hitting $0.82. 5,230,904 shares of the company’s stock were exchanged, compared to its average volume of 1,439,310. The stock’s 50-day moving average is $1.53 and its 200-day moving average is $1.47. The stock has a market cap of $59.36 million, a price-to-earnings ratio of -2.85 and a beta of -0.28. Biomea Fusion has a 52 week low of $0.83 and a 52 week high of $2.24.

Biomea Fusion (NASDAQ:BMEA) last announced its earnings results on Wednesday, August 5th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.10. Equities research analysts forecast that Biomea Fusion will post -0.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

Large investors have recently made changes to their positions in the company. Rathbones Group PLC bought a new stake in shares of Biomea Fusion in the 1st quarter valued at about $57,000. ADAR1 Capital Management LLC acquired a new stake in shares of Biomea Fusion during the second quarter worth about $64,000. GSA Capital Partners LLP acquired a new stake in shares of Biomea Fusion during the second quarter worth about $318,000. BlackRock Inc. acquired a new stake in shares of Biomea Fusion during the second quarter worth about $1,052,000. Finally, Renaissance Technologies LLC raised its position in shares of Biomea Fusion by 174.3% during the first quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock worth $2,009,000 after purchasing an additional 834,179 shares during the period. Institutional investors and hedge funds own 96.72% of the company’s stock.

About Biomea Fusion

Biomea Fusion, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing small-molecule medicines for serious diseases with significant unmet medical needs. The company’s research platform is centered on covalent chemistry, an approach designed to create potentially durable interactions between medicines and their biological targets.

Biomea’s lead investigational product is icovamenib, formerly known as BMF-219, an oral covalent menin inhibitor. The company has evaluated icovamenib in oncology indications, including certain blood cancers, and is also investigating its potential in metabolic diseases such as diabetes.