Truist Financial Upgrades Biomea Fusion (NASDAQ:BMEA) to Buy

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

BMEA has been the topic of a number of other reports. Piper Sandler decreased their target price on Biomea Fusion from $45.00 to $10.00 and set an overweight rating on the stock in a report on Friday, June 7th. Citigroup lowered their price objective on Biomea Fusion from $45.00 to $22.00 and set a buy rating on the stock in a research report on Tuesday, August 27th. Rodman & Renshaw raised shares of Biomea Fusion from a neutral rating to a buy rating and set a $18.00 target price for the company in a report on Thursday, September 26th. Scotiabank lowered their price target on shares of Biomea Fusion from $41.00 to $21.00 and set a sector outperform rating on the stock in a report on Friday, June 7th. Finally, Capital One Financial initiated coverage on shares of Biomea Fusion in a research note on Thursday, August 29th. They issued an overweight rating and a $25.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Biomea Fusion currently has an average rating of Moderate Buy and an average target price of $29.40.

Biomea Fusion Stock Performance

BMEA stock opened at $10.10 on Friday. The company has a market cap of $363.04 million, a price-to-earnings ratio of -2.83 and a beta of -0.47. The business’s 50-day moving average is $6.99 and its two-hundred day moving average is $8.85. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last announced its earnings results on Wednesday, July 31st. The company reported ($1.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.03). Equities analysts predict that Biomea Fusion will post -4.09 earnings per share for the current year.

Institutional Investors Weigh In On Biomea Fusion

Several large investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Biomea Fusion during the 2nd quarter worth approximately $109,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Biomea Fusion during the second quarter valued at $36,000. Scientech Research LLC bought a new position in Biomea Fusion during the second quarter valued at $46,000. Squarepoint Ops LLC purchased a new position in shares of Biomea Fusion in the 2nd quarter worth $237,000. Finally, DRW Securities LLC bought a new stake in shares of Biomea Fusion in the 2nd quarter worth about $55,000. 96.72% of the stock is 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.