HC Wainwright Reiterates “Buy” Rating for Biomea Fusion (NASDAQ:BMEA)

Biomea Fusion (NASDAQ:BMEA)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a report released on Monday,Benzinga reports. They currently have a $40.00 price objective on the stock.

A number of other research analysts have also weighed in on the stock. RODMAN&RENSHAW raised shares of Biomea Fusion to a “strong-buy” rating in a research note on Thursday, September 26th. EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a report on Wednesday, October 9th. Capital One Financial assumed coverage on shares of Biomea Fusion in a report on Thursday, August 29th. They set an “overweight” rating and a $25.00 price target for the company. Barclays raised their price target on shares of Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, Truist Financial upgraded shares of Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a report on Friday, September 27th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Biomea Fusion currently has a consensus rating of “Buy” and a consensus target price of $39.36.

Biomea Fusion Trading Down 20.7 %

Shares of Biomea Fusion stock opened at $4.64 on Monday. The firm has a market capitalization of $168.15 million, a PE ratio of -1.16 and a beta of -0.53. Biomea Fusion has a twelve month low of $3.61 and a twelve month high of $20.21. The firm’s 50-day moving average price is $8.38 and its 200 day moving average price is $7.27.

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

Insider Activity at Biomea Fusion

In other Biomea Fusion news, Director Michael J.M. Hitchcock purchased 10,000 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was bought at an average price of $10.06 per share, with a total value of $100,600.00. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $150,900. This represents a 200.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 27.57% of the stock is owned by insiders.

Hedge Funds Weigh In On Biomea Fusion

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Griffin Asset Management Inc. boosted its position in 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 buying an additional 57,180 shares during the period. Squarepoint Ops LLC purchased a new position in Biomea Fusion in the 2nd quarter valued at approximately $237,000. Renaissance Technologies LLC purchased a new position in Biomea Fusion in the 2nd quarter valued at approximately $1,481,000. Exchange Traded Concepts LLC boosted its position in Biomea Fusion by 62.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company’s stock valued at $212,000 after buying an additional 8,079 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Biomea Fusion by 46.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company’s stock valued at $420,000 after buying an additional 29,400 shares during the period. Hedge funds and other institutional investors own 96.72% of the company’s stock.

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.