Biomea Fusion’s (BMEA) Market Outperform Rating Reiterated at Citizens Jmp

Citizens Jmp reiterated their market outperform rating on shares of Biomea Fusion (NASDAQ:BMEA) in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a $7.00 price objective on the stock.

Several other equities research analysts have also recently issued reports on BMEA. Weiss Ratings reissued a “sell (e+)” rating on shares of Biomea Fusion in a research note on Monday, September 28th. HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of Biomea Fusion in a research report on Wednesday. Brookline Capital Markets began coverage on Biomea Fusion in a research note on Wednesday, October 7th. They issued a “buy” rating on the stock. Citigroup reiterated a “market outperform” rating on shares of Biomea Fusion in a report on Wednesday, September 30th. Finally, Wall Street Zen raised Biomea Fusion from a “sell” rating to a “hold” rating in a research report on Monday, October 5th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.60.

Biomea Fusion Price Performance

Shares of NASDAQ BMEA opened at $0.87 on Wednesday. The company has a market capitalization of $62.98 million, a P/E ratio of -3.00 and a beta of -0.28. The company has a 50 day simple moving average of $1.50 and a 200-day simple moving average of $1.45. Biomea Fusion has a 1 year low of $0.80 and a 1 year high of $2.24.

Biomea Fusion (NASDAQ:BMEA) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.10. As a group, research analysts expect that Biomea Fusion will post -0.71 EPS for the current year.

Hedge Funds Weigh In On Biomea Fusion

Hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its stake in Biomea Fusion by 174.3% during the first quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock worth $2,009,000 after purchasing an additional 834,179 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Biomea Fusion in the second quarter valued at $1,052,000. GSA Capital Partners LLP acquired a new stake in shares of Biomea Fusion in the second quarter valued at $318,000. ADAR1 Capital Management LLC acquired a new stake in shares of Biomea Fusion in the second quarter valued at $64,000. Finally, Rathbones Group PLC purchased a new stake in shares of Biomea Fusion in the 1st quarter valued at $57,000. Hedge funds and other institutional investors own 96.72% of the company’s stock.

Biomea Fusion Company Profile

Biomea Fusion, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing small-molecule medicines for serious diseases with significant unmet medical needs. The company’s research platform is centered on covalent chemistry, an approach designed to create potentially durable interactions between medicines and their biological targets.

Biomea’s lead investigational product is icovamenib, formerly known as BMF-219, an oral covalent menin inhibitor. The company has evaluated icovamenib in oncology indications, including certain blood cancers, and is also investigating its potential in metabolic diseases such as diabetes.