Biomea Fusion, Inc. (NASDAQ:BMEA) Given Average Rating of “Buy” by Brokerages

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) have been assigned an average recommendation of “Buy” from the thirteen ratings firms that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $39.36.

Several brokerages recently commented on BMEA. RODMAN&RENSHAW raised Biomea Fusion to a “strong-buy” rating in a research note on Thursday, September 26th. HC Wainwright reiterated a “buy” rating and issued a $40.00 price objective on shares of Biomea Fusion in a research report on Monday, December 16th. Truist Financial upgraded shares of 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. Citigroup reduced 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. Finally, Piper Sandler boosted their price objective 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.

Biomea Fusion Trading Up 3.7 %

Biomea Fusion stock opened at $4.23 on Tuesday. The firm has a market capitalization of $153.29 million, a P/E ratio of -1.05 and a beta of -0.53. The business has a 50-day moving average of $7.97 and a 200-day moving average of $7.17. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $20.21.

Biomea Fusion (NASDAQ:BMEA) last issued its earnings results on Tuesday, October 29th. The company reported ($0.91) EPS for the quarter, beating the consensus estimate of ($0.94) by $0.03. Research analysts anticipate that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Insider Transactions at Biomea Fusion

In other news, Director Michael J.M. Hitchcock acquired 10,000 shares of the stock in a transaction dated Monday, September 30th. The shares were bought at an average cost of $10.06 per share, for a total transaction of $100,600.00. Following the purchase, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $150,900. This trade represents a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 27.57% of the company’s stock.

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Biomea Fusion during the 2nd quarter worth approximately $36,000. Scientech Research LLC bought a new position in Biomea Fusion during the second quarter worth $46,000. DRW Securities LLC bought a new position in Biomea Fusion during the second quarter worth $55,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of Biomea Fusion by 64.9% in the third quarter. China Universal Asset Management Co. Ltd. now owns 6,964 shares of the company’s stock valued at $70,000 after purchasing an additional 2,741 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Biomea Fusion in the second quarter valued at about $109,000. Institutional investors and hedge funds own 96.72% of the company’s stock.

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.