Barclays Cuts Biomea Fusion (NASDAQ:BMEA) Price Target to $3.00

Biomea Fusion (NASDAQ:BMEA) had its target price decreased by Barclays from $11.00 to $3.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other analysts also recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $40.00 target price on shares of Biomea Fusion in a research report on Monday, March 31st. D. Boral Capital restated a “buy” rating and issued a $16.00 price objective on shares of Biomea Fusion in a report on Wednesday, March 19th. Finally, Oppenheimer set a $10.00 target price on shares of Biomea Fusion in a report on Monday, March 24th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $23.91.

Biomea Fusion Price Performance

Shares of BMEA opened at $2.12 on Wednesday. The company has a 50-day simple moving average of $3.10 and a two-hundred day simple moving average of $5.82. The firm has a market capitalization of $76.83 million, a PE ratio of -0.53 and a beta of -0.26. Biomea Fusion has a one year low of $1.86 and a one year high of $13.66.

Biomea Fusion (NASDAQ:BMEA) last announced its earnings results on Monday, March 31st. The company reported ($0.81) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.00) by $0.19. Analysts expect that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Bayesian Capital Management LP purchased a new stake in shares of Biomea Fusion during the fourth quarter valued at $42,000. Wells Fargo & Company MN lifted its stake in Biomea Fusion by 51.7% during the 4th quarter. Wells Fargo & Company MN now owns 12,914 shares of the company’s stock valued at $50,000 after acquiring an additional 4,399 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Biomea Fusion during the 4th quarter valued at about $54,000. SG Americas Securities LLC bought a new stake in shares of Biomea Fusion in the fourth quarter worth approximately $58,000. Finally, Maia Wealth LLC bought a new stake in shares of Biomea Fusion in the fourth quarter worth approximately $62,000. Hedge funds and other institutional investors 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.