Analysts Set Biomea Fusion, Inc. (NASDAQ:BMEA) Target Price at $39.36

Biomea Fusion, Inc. (NASDAQ:BMEA) has been assigned an average recommendation of “Buy” from the thirteen research firms that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $39.36.

BMEA has been the topic of several recent analyst reports. Truist Financial upgraded Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research report on Friday, September 27th. Scotiabank raised their target price on shares of Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a research report on Friday, September 27th. Citigroup dropped their price target 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. Rodman & Renshaw upgraded shares of Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price target on the stock in a report on Thursday, September 26th. Finally, Barclays upped their price objective on Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th.

Biomea Fusion Price Performance

Shares of NASDAQ BMEA opened at $4.08 on Tuesday. The company has a 50-day simple moving average of $8.10 and a 200-day simple moving average of $7.22. The company has a market cap of $147.86 million, a PE ratio of -1.02 and a beta of -0.53. Biomea Fusion has a 12 month low of $3.61 and a 12 month high of $20.21.

Biomea Fusion (NASDAQ:BMEA) last released its earnings results on Tuesday, October 29th. The company reported ($0.91) EPS for the quarter, topping the consensus estimate of ($0.94) by $0.03. On average, analysts anticipate that Biomea Fusion will post -3.93 EPS for the current year.

Insider Buying and Selling

In other news, Director Michael J.M. Hitchcock bought 10,000 shares of Biomea Fusion stock in a transaction dated 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 completion of the transaction, the director now owns 15,000 shares in the company, valued at approximately $150,900. This trade represents 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 currently owned by corporate insiders.

Institutional Investors Weigh In On Biomea Fusion

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Griffin Asset Management Inc. boosted its stake in shares of Biomea Fusion by 147.0% during 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 last quarter. Squarepoint Ops LLC bought a new position in Biomea Fusion during the 2nd quarter valued at $237,000. Renaissance Technologies LLC acquired a new position in Biomea Fusion during the 2nd quarter worth $1,481,000. Exchange Traded Concepts LLC increased its position in shares of Biomea Fusion by 62.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company’s stock worth $212,000 after purchasing an additional 8,079 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of 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 purchasing an additional 29,400 shares in the last quarter. 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.