Citigroup Issues Pessimistic Forecast for Biomea Fusion (NASDAQ:BMEA) Stock Price

Biomea Fusion (NASDAQ:BMEA) had its price objective lowered by Citigroup from $7.00 to $6.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 337.96% from the company’s current price.

Other equities analysts have also issued reports about the stock. Jefferies Financial Group initiated coverage on shares of Biomea Fusion in a research report on Thursday, August 28th. They set a “buy” rating and a $5.00 price target for the company. D. Boral Capital reduced their target price on shares of Biomea Fusion from $16.00 to $12.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Scotiabank lowered their price target on shares of Biomea Fusion from $30.00 to $10.00 and set a “sector outperform” rating on the stock in a report on Wednesday, August 6th. Oppenheimer reaffirmed an “outperform” rating on shares of Biomea Fusion in a research report on Tuesday, August 5th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Biomea Fusion in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Biomea Fusion presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.88.

Biomea Fusion Price Performance

Biomea Fusion stock remained flat at $1.37 during trading hours on Monday. The company’s stock had a trading volume of 900,204 shares, compared to its average volume of 1,486,033. The firm’s 50-day moving average price is $1.77 and its 200 day moving average price is $1.82. The firm has a market capitalization of $96.86 million, a PE ratio of -0.57 and a beta of -0.16. Biomea Fusion has a twelve month low of $1.22 and a twelve month high of $8.28.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.01). Sell-side analysts expect that Biomea Fusion will post -3.93 earnings per share for the current year.

Institutional Investors Weigh In On Biomea Fusion

Institutional investors have recently modified their holdings of the business. Engineers Gate Manager LP purchased a new position in Biomea Fusion in the 2nd quarter valued at $26,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Biomea Fusion in the third quarter valued at about $32,000. CWM LLC lifted its stake in shares of Biomea Fusion by 8,058.5% in the first quarter. CWM LLC now owns 16,888 shares of the company’s stock worth $36,000 after buying an additional 16,681 shares in the last quarter. Cerity Partners LLC purchased a new position in shares of Biomea Fusion in the first quarter worth about $37,000. Finally, Marex Group plc acquired a new position in Biomea Fusion during the second quarter worth about $81,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.

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.