Biomea Fusion (NASDAQ:BMEA) Upgraded to Buy by Truist Financial

Truist Financial upgraded shares of Biomea Fusion (NASDAQ:BMEA) from a hold rating to a buy rating in a research note published on Friday morning, MarketBeat.com reports. Truist Financial currently has $54.00 price objective on the stock.

Several other brokerages have also weighed in on BMEA. Rodman & Renshaw raised Biomea Fusion from a neutral rating to a buy rating and set a $18.00 price objective for the company in a report on Thursday. Barclays downgraded Biomea Fusion from an overweight rating to an equal weight rating and cut their price target for the stock from $30.00 to $5.00 in a research note on Friday, June 7th. Piper Sandler lowered their price objective on Biomea Fusion from $45.00 to $10.00 and set an overweight rating on the stock in a research note on Friday, June 7th. HC Wainwright reiterated a buy rating and issued a $15.00 target price on shares of Biomea Fusion in a research note on Thursday, August 1st. Finally, Oppenheimer lowered their price target on shares of Biomea Fusion from $70.00 to $60.00 and set an outperform rating on the stock in a research report on Thursday, May 30th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Biomea Fusion currently has a consensus rating of Moderate Buy and a consensus target price of $29.40.

Biomea Fusion Price Performance

NASDAQ BMEA opened at $9.90 on Friday. The company has a fifty day moving average price of $6.89 and a 200-day moving average price of $9.00. The firm has a market cap of $358.48 million, a price-to-earnings ratio of -2.77 and a beta of -0.47. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, meeting analysts’ consensus estimates of ($1.03). On average, research analysts anticipate that Biomea Fusion will post -4.09 EPS for the current fiscal year.

Institutional Trading of Biomea Fusion

Several institutional investors have recently added to or reduced their stakes in BMEA. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Biomea Fusion in the 2nd quarter valued at about $36,000. High Net Worth Advisory Group LLC purchased a new position in Biomea Fusion in the 2nd quarter worth approximately $45,000. Scientech Research LLC purchased a new position in Biomea Fusion in the 2nd quarter worth approximately $46,000. DRW Securities LLC bought a new stake in Biomea Fusion in the second quarter valued at approximately $55,000. Finally, Centaurus Financial Inc. purchased a new stake in shares of Biomea Fusion during the fourth quarter valued at approximately $102,000. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

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.