HC Wainwright Reaffirms “Buy” Rating for Biomea Fusion (NASDAQ:BMEA)

Biomea Fusion (NASDAQ:BMEA)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They currently have a $40.00 price objective on the stock.

BMEA has been the topic of a number of other research reports. Truist Financial upgraded shares of Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research note on Friday, September 27th. RODMAN&RENSHAW raised shares of Biomea Fusion to a “strong-buy” rating in a research report on Thursday, September 26th. EF Hutton Acquisition Co. I raised Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Citigroup cut their target price 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. Finally, Piper Sandler raised their target price on Biomea Fusion from $10.00 to $19.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $39.36.

Biomea Fusion Stock Performance

Shares of BMEA stock opened at $6.14 on Tuesday. The firm has a market capitalization of $222.51 million, a price-to-earnings ratio of -1.53 and a beta of -0.53. The company has a 50 day moving average price of $8.79 and a 200 day moving average price of $7.44. Biomea Fusion has a one year low of $3.61 and a one year high of $20.21.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.03. As a group, equities analysts forecast that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Insider Buying and Selling at Biomea Fusion

In related news, Director Michael J.M. Hitchcock purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was acquired 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 in the company, valued at $150,900. This trade represents a 200.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 27.57% of the company’s stock.

Institutional Investors Weigh In On Biomea Fusion

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BMEA. China Universal Asset Management Co. Ltd. increased its position 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 purchasing an additional 2,741 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Biomea Fusion in the 2nd quarter valued at $36,000. High Net Worth Advisory Group LLC acquired a new stake in Biomea Fusion during the second quarter worth about $45,000. Scientech Research LLC bought a new stake in shares of Biomea Fusion during the second quarter valued at approximately $46,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Biomea Fusion in the 3rd quarter valued at $111,000. Hedge funds and other 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.