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

HC Wainwright reissued their buy rating on shares of Biomea Fusion (NASDAQ:BMEA) in a report released on Monday,Benzinga reports. The brokerage currently has a $40.00 price target on the stock.

BMEA has been the subject of a number of other reports. Truist Financial upgraded Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research report on Friday, September 27th. Barclays boosted their price target on shares of Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. RODMAN&RENSHAW upgraded shares of Biomea Fusion to a “strong-buy” rating in a research report on Thursday, September 26th. Citigroup lowered 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, Piper Sandler upped their price target on shares of Biomea Fusion from $10.00 to $19.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. 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 to the company. According to data from MarketBeat, Biomea Fusion presently has a consensus rating of “Buy” and an average target price of $39.36.

Biomea Fusion Price Performance

BMEA opened at $3.88 on Monday. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $20.21. The company’s 50 day moving average price is $8.24 and its two-hundred day moving average price is $7.24. The firm has a market capitalization of $140.61 million, a price-to-earnings ratio of -0.97 and a beta of -0.53.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.91) EPS for the quarter, topping analysts’ consensus estimates of ($0.94) by $0.03. As a group, equities research analysts predict that Biomea Fusion will post -3.93 EPS for the current year.

Insider Activity at Biomea Fusion

In other Biomea Fusion news, Director Michael J.M. Hitchcock purchased 10,000 shares of Biomea Fusion stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average price of $10.06 per share, with a total value of $100,600.00. Following the transaction, the director now owns 15,000 shares in the company, valued at $150,900. This trade represents a 200.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 27.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Griffin Asset Management Inc. raised its holdings in shares of Biomea Fusion by 147.0% in the 3rd quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock worth $970,000 after acquiring an additional 57,180 shares during the last quarter. Squarepoint Ops LLC bought a new stake in Biomea Fusion during the 2nd quarter worth approximately $237,000. Renaissance Technologies LLC purchased a new stake in shares of Biomea Fusion in the second quarter worth approximately $1,481,000. Exchange Traded Concepts LLC lifted its holdings 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 purchasing an additional 8,079 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Biomea Fusion by 46.0% during the second quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company’s stock valued at $420,000 after buying an additional 29,400 shares during 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.