Biomea Fusion (NASDAQ:BMEA) Stock Keeps Market Outperform Rating at Citizens Jmp

Biomea Fusion (NASDAQ:BMEA)‘s stock had its “market outperform” rating restated by equities research analysts at Citizens Jmp in a report issued on Wednesday, Benzinga reports. They presently have a $7.00 price target on the stock. Citizens Jmp’s price objective would suggest a potential upside of 455.56% from the company’s previous close.

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

Biomea Fusion Price Performance

BMEA opened at $1.26 on Wednesday. The firm has a fifty day moving average price of $1.53 and a 200 day moving average price of $1.47. Biomea Fusion has a 1 year low of $0.87 and a 1 year high of $2.24. The stock has a market cap of $91.32 million, a P/E ratio of -4.34 and a beta of -0.28.

Biomea Fusion (NASDAQ:BMEA) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.10. Equities analysts expect that Biomea Fusion will post -0.71 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Rathbones Group PLC acquired a new stake in shares of Biomea Fusion in the first quarter valued at $57,000. ADAR1 Capital Management LLC purchased a new stake in shares of Biomea Fusion in the 2nd quarter valued at $64,000. GSA Capital Partners LLP purchased a new stake in shares of Biomea Fusion in the 2nd quarter valued at $318,000. BlackRock Inc. acquired a new position in Biomea Fusion during the 2nd quarter worth about $1,052,000. Finally, Renaissance Technologies LLC lifted its stake in Biomea Fusion by 174.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock worth $2,009,000 after acquiring an additional 834,179 shares in the last quarter. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

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.