Brokerages Set Biomea Fusion, Inc. (NASDAQ:BMEA) Price Target at $30.50

Biomea Fusion, Inc. (NASDAQ:BMEA) has been given an average rating of “Buy” by the thirteen ratings firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $39.36.

Several research analysts have recently weighed in on BMEA shares. Capital One Financial initiated coverage on shares of Biomea Fusion in a report on Thursday, August 29th. They set an “overweight” rating and a $25.00 price objective on the stock. Barclays increased their price target on shares of Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Truist Financial raised shares of 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. EF Hutton Acquisition Co. I raised Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, HC Wainwright reissued a “buy” rating and set a $40.00 price target on shares of Biomea Fusion in a research report on Thursday, November 21st.

Insider Activity 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 cost of $10.06 per share, with a total value of $100,600.00. Following the acquisition, the director now owns 15,000 shares in the company, 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 SEC, which can be accessed 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 added to or reduced their stakes in the company. FMR LLC increased its position in shares of Biomea Fusion by 0.7% during the third quarter. FMR LLC now owns 5,431,525 shares of the company’s stock worth $54,858,000 after acquiring an additional 39,959 shares during the last quarter. Vanguard Group Inc. grew its stake in Biomea Fusion by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,365,625 shares of the company’s stock valued at $20,416,000 after purchasing an additional 15,626 shares in the last quarter. Geode Capital Management LLC increased its holdings in Biomea Fusion by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 601,479 shares of the company’s stock worth $6,076,000 after purchasing an additional 4,291 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Biomea Fusion in the 2nd quarter valued at approximately $1,481,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Biomea Fusion by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 208,391 shares of the company’s stock valued at $2,105,000 after buying an additional 7,551 shares during the last quarter. Institutional investors and hedge funds own 96.72% of the company’s stock.

Biomea Fusion Stock Performance

BMEA stock opened at $7.02 on Friday. The company has a 50 day moving average price of $9.32 and a two-hundred day moving average price of $7.83. The stock has a market capitalization of $254.40 million, a P/E ratio of -1.75 and a beta of -0.41. 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 data on Tuesday, October 29th. The company reported ($0.91) EPS for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.03. Research analysts forecast that Biomea Fusion will post -3.93 earnings per share for the current fiscal year.

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.