Biomea Fusion, Inc. (NASDAQ:BMEA) Given Consensus Rating of “Buy” by Analysts

Biomea Fusion, Inc. (NASDAQ:BMEA) has earned a consensus recommendation of “Buy” from the thirteen research firms that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $39.36.

A number of equities analysts recently weighed in on BMEA shares. Scotiabank boosted their price objective on shares of Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a report on Friday, September 27th. Piper Sandler upped their price target on Biomea Fusion from $10.00 to $19.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. EF Hutton Acquisition Co. I raised Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. 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 report on Friday, September 27th. Finally, RODMAN&RENSHAW raised shares of Biomea Fusion to a “strong-buy” rating in a report on Thursday, September 26th.

Biomea Fusion Price Performance

BMEA opened at $5.85 on Tuesday. The firm 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 has a 1 year low of $3.61 and a 1 year high of $20.21.

Biomea Fusion (NASDAQ:BMEA) last issued its earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.94) by $0.03. As a group, sell-side analysts anticipate that Biomea Fusion will post -3.93 EPS for the current year.

Insider Activity at Biomea Fusion

In related news, Director Michael J.M. Hitchcock purchased 10,000 shares of Biomea Fusion stock in a transaction on Monday, September 30th. The stock was acquired at an average price of $10.06 per share, for a total transaction of $100,600.00. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at $150,900. This represents a 200.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 27.57% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. purchased a new position in Biomea Fusion during the second quarter valued at approximately $36,000. Scientech Research LLC bought a new stake in shares of Biomea Fusion during the 2nd quarter valued at $46,000. DRW Securities LLC purchased a new position in shares of Biomea Fusion during the 2nd quarter valued at $55,000. China Universal Asset Management Co. Ltd. boosted its holdings 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 buying an additional 2,741 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in Biomea Fusion in the 2nd quarter worth $109,000. 96.72% of the stock is currently owned by institutional investors.

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.