Michael J.M. Hitchcock Acquires 10,000 Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) Stock

Biomea Fusion, Inc. (NASDAQ:BMEA) Director Michael J.M. Hitchcock acquired 10,000 shares of Biomea Fusion stock in a transaction dated 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 completion of the purchase, the director now owns 15,000 shares of the company’s stock, valued at $150,900. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Biomea Fusion Stock Down 5.9 %

Biomea Fusion stock traded down $0.60 during mid-day trading on Tuesday, reaching $9.50. 902,217 shares of the company’s stock traded hands, compared to its average volume of 1,052,377. Biomea Fusion, Inc. has a 12-month low of $3.61 and a 12-month high of $22.74. The stock has a 50 day moving average of $6.99 and a two-hundred day moving average of $8.85. The company has a market cap of $341.48 million, a price-to-earnings ratio of -2.61 and a beta of -0.47.

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

Institutional Investors Weigh In On Biomea Fusion

Several institutional investors have recently modified their holdings of BMEA. Vanguard Group Inc. raised its holdings in Biomea Fusion by 1.2% during the 1st 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. Renaissance Technologies LLC purchased a new stake in shares of Biomea Fusion in the second quarter valued at $1,481,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Biomea Fusion by 0.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 177,602 shares of the company’s stock worth $2,656,000 after acquiring an additional 1,028 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Biomea Fusion by 46.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company’s stock worth $420,000 after purchasing an additional 29,400 shares during the period. Finally, SG Americas Securities LLC grew its holdings in Biomea Fusion by 90.8% during the 2nd quarter. SG Americas Securities LLC now owns 59,009 shares of the company’s stock valued at $266,000 after purchasing an additional 28,085 shares during the last quarter. 96.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BMEA has been the subject of a number of analyst reports. RODMAN&RENSHAW upgraded Biomea Fusion to a “strong-buy” rating in a research note on Thursday, September 26th. 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 note on Tuesday, August 27th. Scotiabank boosted their price target on Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a report on Friday. Piper Sandler cut their price objective on shares of Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating for the company in a report on Friday, June 7th. Finally, Barclays lifted their price objective on shares of Biomea Fusion from $5.00 to $9.00 and gave the company an “equal weight” rating in a research report on Friday. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Biomea Fusion currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.40.

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.