EF Hutton Reiterates Biomea Fusion (BMEA) Buy Recommendation

Fintel reports that on July 12, 2023, EF Hutton reiterated coverage of Biomea Fusion (NASDAQ:BMEA) with a Buy recommendation.

Analyst Price Forecast Suggests 162.83% Upside

As of July 6, 2023, the average one-year price target for Biomea Fusion is 56.25. The forecasts range from a low of 28.28 to a high of $94.50. The average price target represents an increase of 162.83% from its latest reported closing price of 21.40.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Biomea Fusion is 0MM. The projected annual non-GAAP EPS is -3.05.

What is the Fund Sentiment?

There are 131 funds or institutions reporting positions in Biomea Fusion. This is an increase of 33 owner(s) or 33.67% in the last quarter. Average portfolio weight of all funds dedicated to BMEA is 0.25%, an increase of 142.35%. Total shares owned by institutions increased in the last three months by 60.24% to 24,823K shares. The put/call ratio of BMEA is 0.52, indicating a bullish outlook.

What are Other Shareholders Doing?

Cormorant Asset Management holds 3,571K shares representing 10.09% ownership of the company. In it's prior filing, the firm reported owning 3,171K shares, representing an increase of 11.20%. The firm increased its portfolio allocation in BMEA by 307.72% over the last quarter.

Janus Henderson Group holds 3,116K shares representing 8.80% ownership of the company. In it's prior filing, the firm reported owning 2,757K shares, representing an increase of 11.52%. The firm increased its portfolio allocation in BMEA by 284.22% over the last quarter.

Baker Bros. Advisors holds 2,109K shares representing 5.96% ownership of the company. In it's prior filing, the firm reported owning 2,105K shares, representing an increase of 0.21%. The firm increased its portfolio allocation in BMEA by 233.96% over the last quarter.

Adage Capital Partners Gp, L.l.c. holds 1,733K shares representing 4.90% ownership of the company.

Rock Springs Capital Management holds 1,297K shares representing 3.66% ownership of the company. In it's prior filing, the firm reported owning 731K shares, representing an increase of 43.66%. The firm increased its portfolio allocation in BMEA by 547.41% over the last quarter.

Biomea Fusion Background Information
(This description is provided by the company.)

Biomea Fusion, Inc. operates as a biopharmaceutical company. The Company focuseS on the discovery, development, and commercialization of irreversible small molecules to treat patients with genetically defined cancers. Biomea Fusion serves customers in the United States.

Additional reading:

• - See attached for financial tables - BIOMEA FUSION, INC. Condensed Statement of Operations (in thousands, except share and per share amounts)
• Biomea Fusion Announces FDA Clearance of Investigational New Drug (IND) Application for Covalent FLT3 Inhibitor
• Page 1 of 3
• Biomea Fusion Announces Pricing of Upsized Public Offering of Common Stock
• - See attached for financial tables - BIOMEA FUSION, INC. Condensed Statement of Operations (in thousands, except share and per share amounts)

This story originally appeared on Fintel.