Barclays Forecasts Strong Price Appreciation for Biomea Fusion (NASDAQ:BMEA) Stock

Biomea Fusion (NASDAQ:BMEA) had its target price lifted by Barclays from $9.00 to $11.00 in a research report sent to investors on Wednesday, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Other equities analysts also recently issued research reports about the company. EF Hutton Acquisition Co. I upgraded Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Capital One Financial initiated coverage on shares of Biomea Fusion in a research note on Thursday, August 29th. They issued an “overweight” rating and a $25.00 target price on the stock. Citigroup dropped 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 report on Tuesday, August 27th. Truist Financial upgraded shares of Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research report on Friday, September 27th. Finally, Scotiabank raised their price objective on shares of Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a report on Friday, September 27th. Two 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 company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $30.50.

Biomea Fusion Stock Performance

Shares of BMEA stock opened at $9.04 on Wednesday. The firm has a fifty day moving average of $9.41 and a 200-day moving average of $8.34. The stock has a market cap of $327.61 million, a price-to-earnings ratio of -2.25 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 posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.94) by $0.03. On average, sell-side analysts predict that Biomea Fusion will post -4.09 earnings per share for the current year.

Insider Activity at Biomea Fusion

In related news, Director Michael J.M. Hitchcock acquired 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were acquired 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 $150,900. The trade was 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 this hyperlink. 27.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Biomea Fusion

Several hedge funds 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 valued at $970,000 after purchasing an additional 57,180 shares during the period. Capstone Investment Advisors LLC bought a new stake in shares of Biomea Fusion during the 1st quarter worth approximately $182,000. PNC Financial Services Group Inc. acquired a new stake in shares of Biomea Fusion in the 4th quarter valued at $116,000. SG Americas Securities LLC acquired a new stake in Biomea Fusion in the first quarter valued at about $462,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Biomea Fusion in the 2nd quarter valued at approximately $237,000. 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.