Biomea Fusion (NASDAQ:BMEA) Upgraded to “Strong-Buy” by RODMAN&RENSHAW

Biomea Fusion (NASDAQ:BMEA) was upgraded by analysts at RODMAN&RENSHAW to a “strong-buy” rating in a research report issued on Thursday, Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. Truist Financial raised Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research note on Friday. Barclays lifted their price target on Biomea Fusion from $5.00 to $9.00 and gave the company an “equal weight” rating in a report on Friday. Piper Sandler dropped their price objective on Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating on the stock in a report on Friday, June 7th. HC Wainwright lifted their target price on shares of Biomea Fusion from $15.00 to $40.00 and gave the company a “buy” rating in a research note on Friday. Finally, Rodman & Renshaw upgraded Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Thursday. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Biomea Fusion has an average rating of “Moderate Buy” and an average price target of $29.40.

Biomea Fusion Price Performance

Biomea Fusion stock opened at $9.90 on Thursday. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $22.74. The firm’s 50 day simple moving average is $6.89 and its 200-day simple moving average is $9.00. The company has a market cap of $358.48 million, a P/E ratio of -2.77 and a beta of -0.47.

Biomea Fusion (NASDAQ:BMEA) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($1.03) earnings per share for the quarter, hitting the consensus estimate of ($1.03). On average, analysts expect that Biomea Fusion will post -4.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Biomea Fusion

Several large investors have recently made changes to their positions in BMEA. Bellevue Group AG bought a new stake in shares of Biomea Fusion in the fourth quarter valued at about $363,000. Centaurus Financial Inc. acquired a new position in Biomea Fusion in the fourth quarter worth about $102,000. PNC Financial Services Group Inc. bought a new position in shares of Biomea Fusion during the 4th quarter worth approximately $116,000. Griffin Asset Management Inc. grew its position in Biomea Fusion by 39.4% in the first quarter. Griffin Asset Management Inc. now owns 37,890 shares of the company’s stock valued at $566,000 after acquiring an additional 10,700 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its stake in Biomea Fusion by 66.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 6,862 shares of the company’s stock worth $103,000 after acquiring an additional 2,731 shares in the last quarter. Institutional investors and hedge funds own 96.72% of the company’s stock.

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.