Scotiabank Boosts Biomea Fusion (NASDAQ:BMEA) Price Target to $41.00

Biomea Fusion (NASDAQ:BMEA) had its price objective lifted by Scotiabank from $21.00 to $41.00 in a research report report published on Friday morning, Benzinga reports. The firm currently has a sector outperform rating on the stock.

Other analysts also recently issued reports about the company. Citigroup cut their target price on Biomea Fusion from $45.00 to $22.00 and set a buy rating for the company in a research note on Tuesday, August 27th. Oppenheimer cut their price objective on shares of Biomea Fusion from $70.00 to $60.00 and set an outperform rating for the company in a research report on Thursday, May 30th. Barclays boosted their target price on shares of Biomea Fusion from $5.00 to $9.00 and gave the company an equal weight rating in a report on Friday. Rodman & Renshaw upgraded shares of Biomea Fusion from a neutral rating to a buy rating and set a $18.00 price target for the company in a report on Thursday, September 26th. Finally, Capital One Financial started coverage on Biomea Fusion in a report on Thursday, August 29th. They issued an overweight rating and a $25.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $29.40.

Biomea Fusion Trading Up 2.0 %

BMEA opened at $10.10 on Friday. Biomea Fusion has a twelve month low of $3.61 and a twelve month high of $22.74. The firm has a market capitalization of $363.04 million, a PE ratio of -2.83 and a beta of -0.47. The firm’s 50-day moving average price is $6.99 and its 200 day moving average price is $8.85.

Biomea Fusion (NASDAQ:BMEA) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($1.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.03). As a group, analysts predict that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. raised its holdings in shares of Biomea Fusion by 66.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 6,862 shares of the company’s stock valued at $103,000 after buying an additional 2,731 shares during the period. Centaurus Financial Inc. acquired a new stake in shares of Biomea Fusion during the fourth quarter worth about $102,000. PNC Financial Services Group Inc. purchased a new position in shares of Biomea Fusion in the fourth quarter valued at approximately $116,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Biomea Fusion in the second quarter valued at approximately $36,000. Finally, High Net Worth Advisory Group LLC purchased a new stake in Biomea Fusion during the 2nd quarter worth approximately $45,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.

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.