Biomea Fusion (NASDAQ:BMEA) Receives Buy Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Biomea Fusion (NASDAQ:BMEA) in a research report sent to investors on Monday,Benzinga reports. They currently have a $40.00 price objective on the stock.

Several other research analysts have also issued reports on BMEA. 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 report on Thursday, September 26th. Capital One Financial initiated coverage on Biomea Fusion in a research report on Thursday, August 29th. They set an “overweight” rating and a $25.00 price objective on the stock. Barclays raised their price objective on Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Truist Financial raised Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a research note on Friday, September 27th. Finally, RODMAN&RENSHAW raised shares of Biomea Fusion to a “strong-buy” rating in a research note on Thursday, September 26th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $39.36.

Biomea Fusion Trading Up 3.7 %

Shares of BMEA opened at $5.85 on Monday. Biomea Fusion has a 12-month low of $3.61 and a 12-month high of $20.21. The company has a market cap of $212.00 million, a PE ratio of -1.46 and a beta of -0.53. The stock has a 50-day moving average price of $8.51 and a 200-day moving average price of $7.31.

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 the consensus estimate of ($0.94) by $0.03. As a group, analysts predict that Biomea Fusion will post -3.93 earnings per share for the current year.

Insider Activity 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 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 approximately $150,900. This represents a 200.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 27.57% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. grew its stake in Biomea Fusion by 64.9% in the third 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 period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Biomea Fusion during the 2nd quarter valued at $36,000. Scientech Research LLC purchased a new stake in shares of Biomea Fusion in the 2nd quarter worth about $46,000. The Manufacturers Life Insurance Company bought a new position in shares of Biomea Fusion in the 3rd quarter worth about $111,000. Finally, DRW Securities LLC bought a new position in shares of Biomea Fusion in the 2nd quarter worth about $55,000. 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.