Analysts Set Biomea Fusion, Inc. (NASDAQ:BMEA) Target Price at $39.36

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) have received an average recommendation of “Buy” from the thirteen ratings firms that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $39.36.

Several research firms have commented on BMEA. Barclays lifted their price target on shares of Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. HC Wainwright reiterated a “buy” rating and issued a $40.00 target price on shares of Biomea Fusion in a research report on Tuesday, January 14th. D. Boral Capital restated a “buy” rating and set a $128.00 price target on shares of Biomea Fusion in a research report on Friday, January 10th. Finally, Piper Sandler lifted their price objective on Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st.

Biomea Fusion Price Performance

NASDAQ:BMEA opened at $3.49 on Wednesday. The company has a market capitalization of $126.48 million, a P/E ratio of -0.87 and a beta of -0.34. The business has a fifty day simple moving average of $4.41 and a two-hundred day simple moving average of $6.83. Biomea Fusion has a 1 year low of $3.25 and a 1 year high of $19.35.

Institutional Investors Weigh In On Biomea Fusion

Several large investors have recently added to or reduced their stakes in BMEA. Griffin Asset Management Inc. increased its position in Biomea Fusion by 147.0% during the 3rd quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock valued at $970,000 after purchasing an additional 57,180 shares during the period. Barclays PLC boosted its stake in shares of Biomea Fusion by 156.3% during the third quarter. Barclays PLC now owns 39,620 shares of the company’s stock valued at $401,000 after purchasing an additional 24,162 shares in the last quarter. Squarepoint Ops LLC purchased a new position in Biomea Fusion during the second quarter valued at approximately $237,000. Geode Capital Management LLC raised its stake in Biomea Fusion by 0.7% in the third quarter. Geode Capital Management LLC now owns 601,479 shares of the company’s stock worth $6,076,000 after buying an additional 4,291 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in Biomea Fusion by 62.6% during the third quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company’s stock worth $212,000 after buying an additional 8,079 shares during the period. 96.72% of the stock is owned by hedge funds and other institutional investors.

Biomea Fusion Company Profile

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.