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

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) have earned a consensus rating of “Buy” from the thirteen analysts that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and two have issued a strong buy recommendation on 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.

BMEA has been the topic of several recent research reports. 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. Piper Sandler boosted their price target on Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Citigroup reduced their price target on Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. D. Boral Capital reissued a “buy” rating and set a $128.00 price target on shares of Biomea Fusion in a research report on Tuesday, November 19th. Finally, Barclays boosted their price target on Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th.

Biomea Fusion Stock Performance

Shares of NASDAQ:BMEA opened at $6.89 on Friday. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $22.74. The stock has a market capitalization of $249.69 million, a P/E ratio of -1.72 and a beta of -0.41. The stock has a 50-day simple moving average of $9.38 and a 200-day simple moving average of $7.86.

Biomea Fusion (NASDAQ:BMEA) last issued its earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.94) by $0.03. Analysts predict that Biomea Fusion will post -3.93 earnings per share for the current year.

Insider Activity at Biomea Fusion

In other news, Director Michael J.M. Hitchcock purchased 10,000 shares of the company’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 in the company, valued at approximately $150,900. The trade was a 200.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 27.57% of the company’s stock.

Institutional Investors Weigh In On Biomea Fusion

Several institutional investors and hedge funds have recently made changes to their positions in BMEA. Vanguard Group Inc. raised its position in shares of 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 acquiring an additional 15,626 shares in the last quarter. Natixis grew its stake in Biomea Fusion by 65.3% during the 1st quarter. Natixis now owns 19,500 shares of the company’s stock worth $297,000 after buying an additional 7,700 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in 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 worth $2,656,000 after buying an additional 1,028 shares during the last quarter. Bayesian Capital Management LP bought a new position in Biomea Fusion during the 1st quarter worth $404,000. Finally, SG Americas Securities LLC grew its stake in Biomea Fusion by 90.8% during the 2nd quarter. SG Americas Securities LLC now owns 59,009 shares of the company’s stock worth $266,000 after buying an additional 28,085 shares during the last quarter. 96.72% of the stock is owned by institutional investors and hedge funds.

About Biomea Fusion

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.