Biomea Fusion (NASDAQ:BMEA) Price Target Raised to $19.00

Biomea Fusion (NASDAQ:BMEA) had its price objective boosted by Piper Sandler from $10.00 to $19.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

BMEA has been the subject of several other research reports. 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. Citigroup dropped their price objective on shares of Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Barclays boosted their target price on shares of Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Capital One Financial started coverage on shares of Biomea Fusion in a research note on Thursday, August 29th. They issued an “overweight” rating and a $25.00 price target on the stock. Finally, EF Hutton Acquisition Co. I raised Biomea Fusion to a “strong-buy” rating in a report on Wednesday, October 9th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $30.50.

Biomea Fusion Price Performance

Shares of Biomea Fusion stock opened at $9.04 on Thursday. Biomea Fusion has a 1-year low of $3.61 and a 1-year high of $22.74. The company has a market capitalization of $327.61 million, a PE ratio of -2.25 and a beta of -0.41. The business has a 50-day moving average of $9.41 and a 200-day moving average of $8.29.

Biomea Fusion (NASDAQ:BMEA) last announced its 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 analysts expect that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michael J.M. Hitchcock acquired 10,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was bought at an average price of $10.06 per share, for a total transaction of $100,600.00. Following the transaction, 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 27.57% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Biomea Fusion

Large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in Biomea Fusion by 0.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 177,602 shares of the company’s stock valued at $2,656,000 after purchasing an additional 1,028 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in Biomea Fusion by 12.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,513 shares of the company’s stock valued at $232,000 after buying an additional 1,712 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in Biomea Fusion by 64.9% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 6,964 shares of the company’s stock worth $70,000 after acquiring an additional 2,741 shares in the last quarter. Natixis boosted its position in Biomea Fusion by 65.3% during the 1st quarter. Natixis now owns 19,500 shares of the company’s stock worth $297,000 after acquiring an additional 7,700 shares during the period. Finally, PNC Financial Services Group Inc. purchased a new position in Biomea Fusion during the 4th quarter valued at about $116,000. Institutional investors and hedge funds 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.