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

HC Wainwright restated their buy rating on shares of Biomea Fusion (NASDAQ:BMEA) in a research report report published on Tuesday morning, Benzinga reports. HC Wainwright currently has a $40.00 price objective on the stock.

Several other brokerages have also weighed in on BMEA. Scotiabank increased their price objective on Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a research report on Friday, September 27th. Citigroup decreased their target price on shares of Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. 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 note on Thursday, September 26th. EF Hutton Acquisition Co. I raised shares of Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, Truist Financial raised Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research report on Friday, September 27th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $29.40.

Biomea Fusion Stock Performance

Shares of Biomea Fusion stock opened at $12.15 on Tuesday. The business’s 50 day moving average price is $9.00 and its 200 day moving average price is $8.42. The company has a market cap of $436.73 million, a price-to-earnings ratio of -3.40 and a beta of -0.43. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74.

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

Insider Transactions at Biomea Fusion

In other Biomea Fusion news, Director Michael J.M. Hitchcock acquired 10,000 shares of the stock in a transaction on Monday, September 30th. The shares were bought at an average cost of $10.06 per share, with a total value of $100,600.00. Following the transaction, the director now owns 15,000 shares of the company’s stock, valued at approximately $150,900. This trade represents a 200.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 27.57% of the company’s stock.

Institutional Investors Weigh In On Biomea Fusion

A number of institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC acquired a new stake in Biomea Fusion in the second quarter valued at $1,481,000. Griffin Asset Management Inc. lifted its holdings in shares of Biomea Fusion by 147.0% in the third quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock valued at $970,000 after purchasing an additional 57,180 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Biomea Fusion in the second quarter valued at approximately $237,000. XTX Topco Ltd purchased a new position in shares of Biomea Fusion during the 2nd quarter worth approximately $207,000. Finally, iA Global Asset Management Inc. acquired a new position in shares of Biomea Fusion during the 2nd quarter worth approximately $174,000. Hedge funds and other institutional investors own 96.72% of the company’s stock.

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.