Analysts Set Biomea Fusion, Inc. (NASDAQ:BMEA) Target Price at $30.50

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) have received an average recommendation of “Buy” from the twelve analysts that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $30.50.

A number of research analysts recently commented on BMEA shares. Barclays raised their price target on Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. HC Wainwright restated a “buy” rating and issued a $40.00 price target on shares of Biomea Fusion in a research report on Thursday. Citigroup decreased their target price on Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Rodman & Renshaw upgraded Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 target price on the stock in a research report on Thursday, September 26th. 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 research report on Friday, September 27th.

Insider Activity

In related news, Director Michael J.M. Hitchcock acquired 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average cost of $10.06 per share, with a total value of $100,600.00. Following the completion of the purchase, the director now directly owns 15,000 shares in the company, valued at $150,900. The trade was a 200.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders own 27.57% of the company’s stock.

Hedge Funds Weigh In On Biomea Fusion

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC lifted its stake in shares of Biomea Fusion by 0.7% in the third quarter. FMR LLC now owns 5,431,525 shares of the company’s stock worth $54,858,000 after acquiring an additional 39,959 shares during the period. Vanguard Group Inc. lifted its stake in Biomea Fusion by 1.2% in the first quarter. Vanguard Group Inc. now owns 1,365,625 shares of the company’s stock valued at $20,416,000 after buying an additional 15,626 shares during the period. Geode Capital Management LLC lifted its stake in Biomea Fusion by 0.7% in the third quarter. Geode Capital Management LLC now owns 601,479 shares of the company’s stock valued at $6,076,000 after buying an additional 4,291 shares during the period. Renaissance Technologies LLC acquired a new position in Biomea Fusion in the second quarter valued at approximately $1,481,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Biomea Fusion by 3.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 208,391 shares of the company’s stock valued at $2,105,000 after buying an additional 7,551 shares during the period. 96.72% of the stock is owned by institutional investors and hedge funds.

Biomea Fusion Price Performance

BMEA stock opened at $6.44 on Friday. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $22.74. The stock has a market capitalization of $233.38 million, a price-to-earnings ratio of -1.61 and a beta of -0.41. The business’s fifty day moving average price is $9.40 and its two-hundred day moving average price is $7.89.

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