HC Wainwright Reaffirms Buy Rating for Biomea Fusion (NASDAQ:BMEA)

Biomea Fusion (NASDAQ:BMEA)‘s stock had its “buy” rating restated by HC Wainwright in a report issued on Tuesday,Benzinga reports. They presently have a $40.00 price objective on the stock.

A number of other analysts have also recently weighed in on the company. EF Hutton Acquisition Co. I raised Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Scotiabank upped their price objective on shares of Biomea Fusion from $21.00 to $41.00 and gave the company a “sector outperform” rating in a report on Friday, September 27th. Rodman & Renshaw upgraded shares of Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 target price for the company in a research note on Thursday, September 26th. RODMAN&RENSHAW upgraded shares of Biomea Fusion to a “strong-buy” rating in a research note on Thursday, September 26th. Finally, D. Boral Capital reissued a “buy” rating and set a $128.00 price objective on shares of Biomea Fusion in a report on Friday. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $39.36.

Biomea Fusion Stock Performance

NASDAQ BMEA opened at $4.15 on Tuesday. Biomea Fusion has a one year low of $3.61 and a one year high of $20.21. The company has a market capitalization of $150.39 million, a price-to-earnings ratio of -1.03 and a beta of -0.35. The company’s 50-day simple moving average is $5.73 and its two-hundred day simple moving average is $6.96.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.94) by $0.03. Equities analysts expect that Biomea Fusion will post -3.93 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biomea Fusion

Hedge funds have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. boosted its holdings in Biomea Fusion by 64.9% during the third quarter. China Universal Asset Management Co. Ltd. now owns 6,964 shares of the company’s stock worth $70,000 after buying an additional 2,741 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Biomea Fusion in the 2nd quarter valued at about $36,000. Scientech Research LLC acquired a new stake in Biomea Fusion in the second quarter valued at approximately $46,000. The Manufacturers Life Insurance Company acquired a new stake in Biomea Fusion in the 3rd quarter valued at $111,000. Finally, DRW Securities LLC purchased a new position in Biomea Fusion in the 2nd quarter valued at about $55,000. 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.