Biomea Fusion (NASDAQ:BMEA) Upgraded by EF Hutton Acquisition Co. I to “Strong-Buy”

EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion (NASDAQ:BMEA) to a strong-buy rating in a report released on Wednesday morning, Zacks.com reports.

A number of other brokerages have also recently issued reports on BMEA. HC Wainwright lifted their target price on shares of Biomea Fusion from $15.00 to $40.00 and gave the stock a buy rating in a research report on Friday, September 27th. 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. RODMAN&RENSHAW upgraded shares of Biomea Fusion to a strong-buy rating in a research report on Thursday, September 26th. Barclays lifted their target price on shares of Biomea Fusion from $5.00 to $9.00 and gave the stock an equal weight rating in a research report on Friday, September 27th. Finally, Citigroup lowered their price target on shares of Biomea Fusion from $45.00 to $22.00 and set a buy rating for the company in a report on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Buy and a consensus target price of $29.40.

Biomea Fusion Stock Up 0.3 %

Shares of NASDAQ BMEA opened at $10.78 on Wednesday. Biomea Fusion has a 52 week low of $3.61 and a 52 week high of $22.74. The firm has a 50-day moving average price of $7.88 and a 200 day moving average price of $8.60. The stock has a market capitalization of $390.34 million, a price-to-earnings ratio of -2.76 and a beta of -0.43.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, meeting the consensus estimate of ($1.03). Equities research analysts expect that Biomea Fusion will post -4.09 EPS for the current fiscal year.

Insider Activity at Biomea Fusion

In related news, Director Michael J.M. Hitchcock bought 10,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average cost of $10.06 per share, for a total transaction of $100,600.00. Following the completion of the acquisition, the director now owns 15,000 shares in the company, valued at $150,900. This trade represents a 200.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 27.57% of the stock is owned by insiders.

Institutional Investors Weigh In On Biomea Fusion

A number of institutional investors have recently bought and sold shares of BMEA. Exchange Traded Concepts LLC grew its stake in Biomea Fusion by 62.6% during the third quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company’s stock worth $212,000 after buying an additional 8,079 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in Biomea Fusion during the second quarter worth approximately $109,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Biomea Fusion during the second quarter worth approximately $36,000. Scientech Research LLC purchased a new stake in Biomea Fusion during the second quarter worth approximately $46,000. Finally, Squarepoint Ops LLC purchased a new stake in Biomea Fusion during the second quarter worth approximately $237,000. 96.72% of the stock is currently owned by hedge funds and other 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.