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

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

Other research analysts also recently issued research reports about the company. Oppenheimer dropped their price objective on Biomea Fusion from $70.00 to $60.00 and set an outperform rating on the stock in a report on Thursday, May 30th. Truist Financial raised shares of Biomea Fusion from a hold rating to a buy rating and set a $54.00 price objective on the stock in a report on Friday. Citigroup lowered their target price on shares of Biomea Fusion from $45.00 to $22.00 and set a buy rating for the company in a report on Tuesday, August 27th. HC Wainwright lifted their price target on shares of Biomea Fusion from $15.00 to $40.00 and gave the stock a buy rating in a research note on Friday. Finally, Piper Sandler reduced their price target on shares of Biomea Fusion from $45.00 to $10.00 and set an overweight rating for the company in a research report on Friday, June 7th. 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. According to data from MarketBeat.com, Biomea Fusion has an average rating of Moderate Buy and a consensus price target of $29.40.

Biomea Fusion Price Performance

Shares of Biomea Fusion stock opened at $9.90 on Friday. The stock has a market capitalization of $355.86 million, a price-to-earnings ratio of -2.77 and a beta of -0.47. The business has a 50-day moving average of $6.89 and a 200 day moving average of $8.90. Biomea Fusion has a 12 month low of $3.61 and a 12 month high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last released its 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). Equities research analysts anticipate that Biomea Fusion will post -4.09 earnings per share for the current year.

Institutional Trading of Biomea Fusion

A number of hedge funds and other institutional investors have recently made changes to their positions in BMEA. Capstone Investment Advisors LLC purchased a new stake in shares of Biomea Fusion during the 1st quarter worth about $182,000. Centaurus Financial Inc. bought a new stake in Biomea Fusion in the fourth quarter valued at $102,000. PNC Financial Services Group Inc. bought a new stake in shares of Biomea Fusion in the 4th quarter worth about $116,000. SG Americas Securities LLC acquired a new stake in shares of Biomea Fusion during the first quarter worth approximately $462,000. Finally, Griffin Asset Management Inc. increased its holdings in Biomea Fusion by 39.4% during the 1st quarter. Griffin Asset Management Inc. now owns 37,890 shares of the company’s stock valued at $566,000 after purchasing an additional 10,700 shares in the last quarter. 96.72% of the stock is currently owned by 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.