Biomea Fusion (NASDAQ:BMEA) Raised to “Buy” at Truist Financial

Truist Financial upgraded shares of Biomea Fusion (NASDAQ:BMEA) from a hold rating to a buy rating in a research report released on Friday morning, Marketbeat.com reports. The brokerage currently has $54.00 target price on the stock.

Several other equities research analysts have also commented on the stock. Scotiabank cut their price target on shares of Biomea Fusion from $41.00 to $21.00 and set a sector outperform rating for the company in a report on Friday, June 7th. Piper Sandler cut their target price on shares of Biomea Fusion from $45.00 to $10.00 and set an overweight rating on the stock in a research note on Friday, June 7th. Oppenheimer cut their price target on Biomea Fusion from $70.00 to $60.00 and set an outperform rating on the stock in a report on Thursday, May 30th. Barclays cut Biomea Fusion from an overweight rating to an equal weight rating and cut their price target for the company from $30.00 to $5.00 in a research note on Friday, June 7th. Finally, Rodman & Renshaw raised shares of Biomea Fusion from a neutral rating to a buy rating and set a $18.00 target price on the stock in a research report on Thursday. Two 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $29.40.

Biomea Fusion Stock Performance

Shares of BMEA stock opened at $9.90 on Friday. The stock has a fifty day simple moving average of $6.89 and a two-hundred day simple moving average of $8.90. The firm has a market capitalization of $355.86 million, a PE ratio of -2.77 and a beta of -0.47. Biomea Fusion has a 52-week low of $3.61 and a 52-week high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($1.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.03). On average, sell-side analysts forecast that Biomea Fusion will post -4.09 EPS for the current fiscal year.

Institutional Trading of Biomea Fusion

A number of hedge funds have recently made changes to their positions in BMEA. Point72 Asia Singapore Pte. Ltd. acquired a new position in Biomea Fusion in the second quarter worth $36,000. High Net Worth Advisory Group LLC acquired a new position in Biomea Fusion during the second quarter worth about $45,000. Scientech Research LLC acquired a new stake in Biomea Fusion during the second quarter valued at approximately $46,000. DRW Securities LLC bought a new stake in Biomea Fusion during the second quarter worth approximately $55,000. Finally, Centaurus Financial Inc. purchased a new stake in shares of Biomea Fusion during the fourth quarter valued at $102,000. 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.