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

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

Other equities analysts also recently issued reports about the stock. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Biomea Fusion in a report on Wednesday. Citigroup reaffirmed a “market outperform” rating on shares of Biomea Fusion in a report on Wednesday, September 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Biomea Fusion in a report on Monday, September 28th. Wall Street Zen raised shares of Biomea Fusion from a “sell” rating to a “hold” rating in a report on Monday, October 5th. Finally, Brookline Capital Markets began coverage on shares of Biomea Fusion in a report on Wednesday, October 7th. They set a “buy” rating on the stock. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.60.

Biomea Fusion Price Performance

NASDAQ:BMEA traded down $0.42 during mid-day trading on Wednesday, hitting $0.84. The company’s stock had a trading volume of 4,759,706 shares, compared to its average volume of 1,435,574. Biomea Fusion has a 1 year low of $0.84 and a 1 year high of $2.24. The stock has a market cap of $60.96 million, a price-to-earnings ratio of -2.90 and a beta of -0.28. The business’s fifty day moving average is $1.53 and its two-hundred day moving average is $1.47.

Biomea Fusion (NASDAQ:BMEA) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.10. Analysts anticipate that Biomea Fusion will post -0.71 EPS for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

Hedge funds and other institutional investors have recently modified their holdings of the business. Rathbones Group PLC acquired a new stake in Biomea Fusion during the first quarter worth about $57,000. ADAR1 Capital Management LLC acquired a new stake in Biomea Fusion during the second quarter worth about $64,000. GSA Capital Partners LLP acquired a new stake in Biomea Fusion during the second quarter worth about $318,000. BlackRock Inc. acquired a new stake in Biomea Fusion during the second quarter worth about $1,052,000. Finally, Renaissance Technologies LLC increased its position in 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 last quarter. 96.72% of the stock is 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.