Biomea Fusion (NASDAQ:BMEA) Earns Buy Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Biomea Fusion (NASDAQ:BMEA) in a report published on Thursday,Benzinga reports. They currently have a $40.00 price target on the stock.

BMEA has been the topic of several other reports. Scotiabank boosted their price target on shares of Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a research report on Friday, September 27th. Piper Sandler increased their target price on shares of Biomea Fusion from $10.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Capital One Financial initiated coverage on shares of Biomea Fusion in a research report on Thursday, August 29th. They issued an “overweight” rating and a $25.00 price target on the stock. Citigroup cut their price objective on Biomea Fusion from $45.00 to $22.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Finally, Truist Financial upgraded Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a report on Friday, September 27th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $30.50.

Biomea Fusion Price Performance

Shares of Biomea Fusion stock traded up $0.16 on Thursday, hitting $6.54. The company had a trading volume of 153,220 shares, compared to its average volume of 1,000,375. Biomea Fusion has a 52 week low of $3.61 and a 52 week high of $22.74. The company has a market cap of $237.01 million, a PE ratio of -1.68 and a beta of -0.41. The business has a 50-day simple moving average of $9.43 and a 200-day simple moving average of $7.98.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.03. On average, equities research analysts predict that Biomea Fusion will post -3.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Biomea Fusion news, Director Michael J.M. Hitchcock bought 10,000 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were bought at an average price of $10.06 per share, for a total transaction of $100,600.00. Following the acquisition, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $150,900. This trade represents a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 27.57% of the company’s stock.

Institutional Trading of Biomea Fusion

Several institutional investors have recently made changes to their positions in BMEA. Renaissance Technologies LLC acquired a new position in Biomea Fusion in the 2nd quarter valued at approximately $1,481,000. Griffin Asset Management Inc. lifted its position in shares of Biomea Fusion by 147.0% in the third quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock worth $970,000 after buying an additional 57,180 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of Biomea Fusion during the 2nd quarter worth about $237,000. XTX Topco Ltd acquired a new position in shares of Biomea Fusion during the 2nd quarter valued at about $207,000. Finally, FMR LLC raised its stake in shares of Biomea Fusion by 0.7% in the 3rd quarter. FMR LLC now owns 5,431,525 shares of the company’s stock valued at $54,858,000 after acquiring an additional 39,959 shares in the last quarter. 96.72% of the stock is currently owned by institutional investors and hedge funds.

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.