Biomea Fusion (NASDAQ:BMEA) Given “Buy” Rating at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Biomea Fusion (NASDAQ:BMEA) in a report released on Thursday,Benzinga reports. The brokerage currently has a $40.00 price target on the stock.

Several other equities analysts have also recently commented on BMEA. RODMAN&RENSHAW raised Biomea Fusion to a “strong-buy” rating in a report on Thursday, September 26th. Scotiabank upped their target price on Biomea Fusion from $21.00 to $41.00 and gave the company a “sector outperform” rating in a research note on Friday, September 27th. Piper Sandler lifted their price target on shares of Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Barclays increased their price objective 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. Finally, EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Biomea Fusion has a consensus rating of “Buy” and a consensus target price of $30.50.

Biomea Fusion Trading Up 0.9 %

Shares of BMEA stock opened at $6.44 on Thursday. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $22.74. The firm’s fifty day simple moving average is $9.40 and its 200 day simple moving average is $7.91. The firm has a market capitalization of $233.39 million, a P/E ratio of -1.61 and a beta of -0.41.

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

Insider Buying and Selling

In other Biomea Fusion news, Director Michael J.M. Hitchcock purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average cost of $10.06 per share, with a total value 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 position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 27.57% of the stock is currently owned by corporate insiders.

Institutional Trading of Biomea Fusion

Several large investors have recently made changes to their positions in the business. Griffin Asset Management Inc. raised its holdings 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 valued at $970,000 after buying an additional 57,180 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Biomea Fusion in the second quarter worth about $237,000. Vanguard Group Inc. raised its stake in shares of Biomea Fusion by 1.2% in the first quarter. Vanguard Group Inc. now owns 1,365,625 shares of the company’s stock worth $20,416,000 after acquiring an additional 15,626 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Biomea Fusion during the second quarter worth approximately $1,481,000. Finally, Exchange Traded Concepts LLC grew its stake in shares of Biomea Fusion by 62.6% during the third quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company’s stock valued at $212,000 after purchasing an additional 8,079 shares during the last quarter. 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.