Citigroup Lowers Biomea Fusion (NASDAQ:BMEA) Price Target to $22.00

Biomea Fusion (NASDAQ:BMEA) had its target price lowered by research analysts at Citigroup from $45.00 to $22.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 182.41% from the company’s current price.

A number of other brokerages have also recently issued reports on BMEA. Barclays cut shares of Biomea Fusion from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $30.00 to $5.00 in a research note on Friday, June 7th. HC Wainwright reissued a “buy” rating and set a $15.00 price target on shares of Biomea Fusion in a research note on Thursday, August 1st. Piper Sandler reduced their price objective on Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating on the stock in a research note on Friday, June 7th. Oppenheimer reduced their price target on shares of Biomea Fusion from $70.00 to $60.00 and set an “outperform” rating on the stock in a research report on Thursday, May 30th. Finally, Truist Financial lowered shares of Biomea Fusion from a “buy” rating to a “hold” rating in a research report on Tuesday, June 11th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.38.

Biomea Fusion Stock Performance

Shares of BMEA stock traded down $0.03 during mid-day trading on Tuesday, hitting $7.79. The company’s stock had a trading volume of 131,569 shares, compared to its average volume of 1,079,879. Biomea Fusion has a 52-week low of $3.61 and a 52-week high of $22.74. The business has a 50-day moving average price of $5.41 and a 200 day moving average price of $10.42. The stock has a market cap of $280.01 million, a price-to-earnings ratio of -2.18 and a beta of -0.52.

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

Hedge Funds Weigh In On Biomea Fusion

Several hedge funds have recently bought and sold shares of BMEA. Signaturefd LLC bought a new stake in Biomea Fusion during the 4th quarter valued at $36,000. Quest Partners LLC acquired a new position in Biomea Fusion in the 4th quarter worth approximately $79,000. China Universal Asset Management Co. Ltd. raised its holdings in shares of Biomea Fusion by 66.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 6,862 shares of the company’s stock worth $103,000 after purchasing an additional 2,731 shares during the last quarter. Centaurus Financial Inc. acquired a new position in shares of Biomea Fusion in the 4th quarter valued at about $102,000. Finally, PNC Financial Services Group Inc. acquired a new stake in shares of Biomea Fusion during the 4th quarter worth approximately $116,000. Institutional investors own 96.72% of the company’s stock.

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.