Biomea Fusion FY2024 EPS Estimate Increased by HC Wainwright

Biomea Fusion, Inc. (NASDAQ:BMEA) – Investment analysts at HC Wainwright lifted their FY2024 earnings estimates for shares of Biomea Fusion in a research note issued on Thursday, October 31st. HC Wainwright analyst J. Pantginis now forecasts that the company will earn ($3.97) per share for the year, up from their previous estimate of ($4.22). HC Wainwright currently has a “Buy” rating and a $40.00 target price on the stock. The consensus estimate for Biomea Fusion’s current full-year earnings is ($4.01) per share. HC Wainwright also issued estimates for Biomea Fusion’s Q4 2024 earnings at ($1.02) EPS, FY2025 earnings at ($3.17) EPS, FY2026 earnings at ($2.63) EPS, FY2027 earnings at ($2.92) EPS and FY2028 earnings at ($3.05) EPS.

BMEA has been the topic of a number of other research reports. RODMAN&RENSHAW upgraded Biomea Fusion to a “strong-buy” rating in a research report on Thursday, September 26th. Barclays increased their price objective on shares of Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Rodman & Renshaw upgraded Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price objective on the stock in a report on Thursday, September 26th. 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 note on Friday, September 27th. Finally, Piper Sandler boosted their price objective on Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $30.50.

Biomea Fusion Price Performance

Shares of BMEA stock opened at $8.91 on Monday. The stock has a 50 day simple moving average of $9.43 and a 200-day simple moving average of $8.27. Biomea Fusion has a 1-year low of $3.61 and a 1-year high of $22.74. The company has a market cap of $322.90 million, a price-to-earnings ratio of -2.22 and a beta of -0.41.

Biomea Fusion (NASDAQ:BMEA) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share for the quarter, beating the consensus estimate of ($0.94) by $0.03.

Insider Activity at Biomea Fusion

In related news, Director Michael J.M. Hitchcock purchased 10,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 15,000 shares of the company’s stock, valued at $150,900. This represents a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 27.57% of the stock is currently owned by company insiders.

Institutional Trading of Biomea Fusion

A number of institutional investors and hedge funds have recently modified their holdings of BMEA. Point72 Asia Singapore Pte. Ltd. bought a new stake in Biomea Fusion during the 2nd quarter valued at $36,000. High Net Worth Advisory Group LLC bought a new position in shares of Biomea Fusion in the second quarter valued at $45,000. Scientech Research LLC bought a new stake in shares of Biomea Fusion during the 2nd quarter worth $46,000. DRW Securities LLC acquired a new stake in shares of Biomea Fusion during the second quarter worth $55,000. Finally, China Universal Asset Management Co. Ltd. boosted its position in shares of Biomea Fusion by 64.9% in the 3rd 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 period. 96.72% of the stock is 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.