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

Biomea Fusion (NASDAQ:BMEA)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research report issued on Thursday, Benzinga reports. They currently have a $40.00 price target on the stock. HC Wainwright’s price objective would suggest a potential upside of 286.85% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Scotiabank boosted their price target on shares of Biomea Fusion from $21.00 to $41.00 and gave the company a “sector outperform” rating in a report on Friday, September 27th. Capital One Financial started coverage on shares of Biomea Fusion in a research note on Thursday, August 29th. They set an “overweight” rating and a $25.00 target price on the stock. EF Hutton Acquisition Co. I raised Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. RODMAN&RENSHAW raised Biomea Fusion to a “strong-buy” rating in a research report on Thursday, September 26th. Finally, Barclays raised their price objective on Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $29.60.

Biomea Fusion Stock Down 14.3 %

Shares of NASDAQ BMEA opened at $10.34 on Thursday. The stock’s fifty day simple moving average is $9.34 and its 200 day simple moving average is $8.36. The stock has a market capitalization of $374.41 million, a price-to-earnings ratio of -2.58 and a beta of -0.43. Biomea Fusion has a 52-week low of $3.61 and a 52-week high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.94) by $0.03. As a group, analysts anticipate that Biomea Fusion will post -4.09 earnings per share for the current year.

Insider Transactions at Biomea Fusion

In other news, Director Michael J.M. Hitchcock purchased 10,000 shares of the 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 purchase, the director now owns 15,000 shares in the company, valued at $150,900. This represents a 200.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 27.57% of the company’s stock.

Institutional Trading of Biomea Fusion

Institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Biomea Fusion during the 2nd quarter worth $36,000. High Net Worth Advisory Group LLC bought a new stake in Biomea Fusion in the second quarter worth $45,000. Scientech Research LLC acquired 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 valued at about $55,000. Finally, China Universal Asset Management Co. Ltd. lifted its position 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 worth $70,000 after buying an additional 2,741 shares during the last quarter. 96.72% of the stock is currently owned by institutional investors and hedge funds.

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.