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

HC Wainwright reiterated their buy rating on shares of Biomea Fusion (NASDAQ:BMEA) in a report issued on Thursday morning,Benzinga reports. HC Wainwright currently has a $40.00 price target on the stock.

Other research analysts have also issued research reports about the stock. RODMAN&RENSHAW raised shares of Biomea Fusion to a “strong-buy” rating in a research note on Thursday, September 26th. Truist Financial upgraded shares of Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a report on Friday, September 27th. Piper Sandler increased their target price on shares of Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Rodman & Renshaw raised shares of Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price target on the stock in a research report on Thursday, September 26th. Finally, Capital One Financial started coverage on shares of Biomea Fusion in a research report on Thursday, August 29th. They issued an “overweight” rating and a $25.00 price objective for the company. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $30.50.

Biomea Fusion Stock Up 0.9 %

Shares of BMEA opened at $6.44 on Thursday. Biomea Fusion has a 12-month low of $3.61 and a 12-month high of $22.74. The firm has a market capitalization of $233.38 million, a price-to-earnings ratio of -1.61 and a beta of -0.41. The stock’s 50-day moving average price is $9.40 and its 200 day moving average price is $7.89.

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, topping analysts’ consensus estimates of ($0.94) by $0.03. Equities research analysts expect that Biomea Fusion will post -3.93 EPS for the current year.

Insider Activity

In related news, Director Michael J.M. Hitchcock acquired 10,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was bought at an average price of $10.06 per share, for a total transaction of $100,600.00. Following the acquisition, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $150,900. The trade was 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. Corporate insiders own 27.57% of the company’s stock.

Hedge Funds Weigh In On Biomea Fusion

Hedge funds and other institutional investors have recently made changes to their positions in the company. Griffin Asset Management Inc. increased its position in Biomea Fusion by 147.0% during the third quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock worth $970,000 after buying an additional 57,180 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of Biomea Fusion during the 2nd quarter worth approximately $237,000. Vanguard Group Inc. grew its position 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 purchasing an additional 15,626 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Biomea Fusion during the second quarter worth approximately $1,481,000. Finally, Exchange Traded Concepts LLC raised its position in shares of Biomea Fusion by 62.6% in the third quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company’s stock valued at $212,000 after buying an additional 8,079 shares in the last quarter. 96.72% of the stock is 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.