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

Biomea Fusion (NASDAQ:BMEAGet Free Report)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a research note issued to investors on Thursday, Benzinga reports. They currently have a $40.00 target price on the stock. HC Wainwright’s target price indicates a potential upside of 286.85% from the company’s previous close.

Other research analysts have also issued reports about the stock. Citigroup decreased 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. Capital One Financial began coverage on Biomea Fusion in a research note on Thursday, August 29th. They issued an “overweight” rating and a $25.00 target price for the company. RODMAN&RENSHAW upgraded Biomea Fusion to a “strong-buy” rating in a research report on Thursday, September 26th. Rodman & Renshaw upgraded Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price objective for the company in a research report on Thursday, September 26th. Finally, 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 note on Friday, September 27th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $29.60.

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Biomea Fusion Stock Down 14.3 %

NASDAQ:BMEA opened at $10.34 on Thursday. The company has a market cap of $374.41 million, a PE ratio of -2.58 and a beta of -0.43. The business’s 50 day moving average is $9.34 and its two-hundred day moving average is $8.36. Biomea Fusion has a 52 week low of $3.61 and a 52 week high of $22.74.

Biomea Fusion (NASDAQ:BMEAGet Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.94) by $0.03. As a group, sell-side analysts expect that Biomea Fusion will post -4.09 EPS for the current fiscal year.

Insider Activity

In related news, Director Michael J.M. Hitchcock acquired 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 completion of the acquisition, the director now directly owns 15,000 shares of the company’s stock, valued at $150,900. This trade represents a 200.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 27.57% of the company’s stock.

Institutional Investors Weigh In On Biomea Fusion

Institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in shares of Biomea Fusion by 0.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 177,602 shares of the company’s stock valued at $2,656,000 after purchasing an additional 1,028 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Biomea Fusion by 12.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,513 shares of the company’s stock worth $232,000 after acquiring an additional 1,712 shares during the period. China Universal Asset Management Co. Ltd. raised its position in 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 acquiring an additional 2,741 shares in the last quarter. Natixis lifted its holdings in Biomea Fusion by 65.3% in the 1st quarter. Natixis now owns 19,500 shares of the company’s stock valued at $297,000 after acquiring an additional 7,700 shares during the last quarter. Finally, PNC Financial Services Group Inc. bought a new position in shares of Biomea Fusion during the 4th quarter valued at about $116,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.

Biomea Fusion Company Profile

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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.

Further Reading

Analyst Recommendations for Biomea Fusion (NASDAQ:BMEA)

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