Brokerages Set Biomea Fusion, Inc. (NASDAQ:BMEA) Target Price at $29.40

Biomea Fusion, Inc. (NASDAQ:BMEA) has been assigned a consensus recommendation of “Buy” from the twelve ratings firms that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $29.60.

A number of research firms have recently commented on BMEA. Barclays raised their target price on Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a research report on Wednesday. Rodman & Renshaw upgraded Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price objective on the stock in a report on Thursday, September 26th. RODMAN&RENSHAW upgraded Biomea Fusion to a “strong-buy” rating in a report on Thursday, September 26th. HC Wainwright reiterated a “buy” rating and issued a $40.00 price objective on shares of Biomea Fusion in a report on Tuesday, October 22nd. Finally, Scotiabank lifted their price objective on Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a report on Friday, September 27th.

Insider Activity at Biomea Fusion

In other Biomea Fusion news, Director Michael J.M. Hitchcock acquired 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average cost of $10.06 per share, for a total transaction of $100,600.00. Following the completion of the acquisition, the director now owns 15,000 shares of the company’s stock, valued at approximately $150,900. The trade was a 200.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 27.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Griffin Asset Management Inc. lifted its holdings in Biomea Fusion by 147.0% in the third quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock valued at $970,000 after acquiring an additional 57,180 shares during the last quarter. Capstone Investment Advisors LLC acquired a new position in Biomea Fusion during the first quarter worth $182,000. PNC Financial Services Group Inc. acquired a new position in Biomea Fusion during the fourth quarter worth $116,000. SG Americas Securities LLC acquired a new position in Biomea Fusion during the first quarter worth $462,000. Finally, Squarepoint Ops LLC acquired a new position in Biomea Fusion during the second quarter worth $237,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.

Biomea Fusion Stock Performance

NASDAQ BMEA opened at $10.34 on Monday. The stock has a 50-day simple moving average of $9.34 and a two-hundred day simple moving average of $8.36. The firm has a market capitalization of $374.41 million, a P/E ratio of -2.58 and a beta of -0.43. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last posted its earnings results on Tuesday, October 29th. The company reported ($0.91) EPS for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.03. As a group, analysts forecast that Biomea Fusion will post -4.09 earnings per share for the current year.

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.