Biomea Fusion (NASDAQ:BMEA) Raised to “Strong-Buy” at EF Hutton Acquisition Co. I

Biomea Fusion (NASDAQ:BMEA) was upgraded by equities research analysts at EF Hutton Acquisition Co. I to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks.com reports.

Other research analysts have also recently issued reports about the stock. Barclays increased their target price on shares of Biomea Fusion from $5.00 to $9.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. RODMAN&RENSHAW raised shares of Biomea Fusion to a “strong-buy” rating in a research report on Thursday, September 26th. Citigroup decreased their price target on shares of Biomea Fusion from $45.00 to $22.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Scotiabank increased their price target on shares of Biomea Fusion from $21.00 to $41.00 and gave the company a “sector outperform” rating in a research report on Friday, September 27th. Finally, Capital One Financial initiated coverage on shares of Biomea Fusion in a research report on Thursday, August 29th. They set an “overweight” rating and a $25.00 price target for the company. 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 company’s stock. According to MarketBeat.com, Biomea Fusion presently has a consensus rating of “Buy” and a consensus price target of $29.40.

Biomea Fusion Trading Down 4.4 %

NASDAQ BMEA opened at $10.90 on Wednesday. Biomea Fusion has a 12 month low of $3.61 and a 12 month high of $22.74. The company’s 50-day moving average price is $7.68 and its 200-day moving average price is $8.62. The stock has a market cap of $391.80 million, a PE ratio of -3.05 and a beta of -0.43.

Biomea Fusion (NASDAQ:BMEA) last issued its earnings results on Wednesday, July 31st. The company reported ($1.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.03). As a group, sell-side analysts forecast that Biomea Fusion will post -4.09 earnings per share for the current year.

Insiders Place Their Bets

In other Biomea Fusion news, Director Michael J.M. Hitchcock purchased 10,000 shares of Biomea Fusion stock in a transaction on Monday, September 30th. The stock was bought at an average cost of $10.06 per share, with a total value of $100,600.00. Following the transaction, the director now owns 15,000 shares of the company’s stock, valued at $150,900. This represents a 200.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 27.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors have recently bought and sold shares of the business. Cubist Systematic Strategies LLC purchased a new position in Biomea Fusion during the 2nd quarter worth approximately $109,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Biomea Fusion during the 2nd quarter worth approximately $36,000. Scientech Research LLC acquired a new stake in shares of Biomea Fusion during the 2nd quarter worth approximately $46,000. Squarepoint Ops LLC acquired a new stake in shares of Biomea Fusion during the 2nd quarter worth approximately $237,000. Finally, DRW Securities LLC acquired a new stake in shares of Biomea Fusion during the 2nd quarter worth approximately $55,000. 96.72% of the stock is owned by hedge funds and other institutional investors.

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.