Biomea Fusion’s (BMEA) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Biomea Fusion (NASDAQ:BMEA) in a research report released on Thursday morning,Benzinga reports. They currently have a $40.00 target price on the stock.

Several other research analysts have also weighed in on the company. Scotiabank upped their price target on Biomea Fusion from $21.00 to $41.00 and gave the company a “sector outperform” rating in a research report on Friday, September 27th. Truist Financial upgraded Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a report on Friday, September 27th. EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a report on Wednesday, October 9th. Citigroup decreased their target price on shares of Biomea Fusion from $45.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Finally, RODMAN&RENSHAW upgraded shares of Biomea Fusion to a “strong-buy” rating in a report on Thursday, September 26th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Biomea Fusion has an average rating of “Buy” and an average target price of $30.50.

Biomea Fusion Price Performance

Shares of BMEA opened at $6.44 on Thursday. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74. The company has a 50-day moving average of $9.40 and a two-hundred day moving average of $7.91. The stock has a market cap of $233.39 million, a price-to-earnings ratio of -1.61 and a beta of -0.41.

Biomea Fusion (NASDAQ:BMEA) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.91) earnings per share for the quarter, topping the consensus estimate of ($0.94) by $0.03. Analysts anticipate that Biomea Fusion will post -3.93 earnings per share for the current year.

Insider Buying and Selling

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 bought at an average price of $10.06 per share, with a total value of $100,600.00. Following the completion of the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $150,900. This represents a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 27.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Biomea Fusion

Several institutional investors and hedge funds have recently added to or reduced their stakes in BMEA. FMR LLC grew its holdings in Biomea Fusion by 0.7% during the third quarter. FMR LLC now owns 5,431,525 shares of the company’s stock valued at $54,858,000 after purchasing an additional 39,959 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Biomea Fusion by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,365,625 shares of the company’s stock worth $20,416,000 after buying an additional 15,626 shares during the period. Geode Capital Management LLC grew its stake in Biomea Fusion by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 601,479 shares of the company’s stock valued at $6,076,000 after buying an additional 4,291 shares during the last quarter. Renaissance Technologies LLC bought a new position in Biomea Fusion in the 2nd quarter worth $1,481,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Biomea Fusion by 3.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 208,391 shares of the company’s stock worth $2,105,000 after acquiring an additional 7,551 shares during the period. 96.72% of the stock is currently owned by institutional investors and hedge funds.

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.