Biomea Fusion (NASDAQ:BMEA) Upgraded to Strong-Buy at EF Hutton Acquisition Co. I

EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion (NASDAQ:BMEA) to a strong-buy rating in a report issued on Wednesday, Zacks.com reports.

Several other research firms have also issued reports on BMEA. Citigroup reduced their price objective on shares of Biomea Fusion from $45.00 to $22.00 and set a buy rating for the company in a research note on Tuesday, August 27th. Capital One Financial started coverage on Biomea Fusion in a research report on Thursday, August 29th. They issued an overweight rating and a $25.00 price target for the company. Scotiabank increased their price objective on Biomea Fusion from $21.00 to $41.00 and gave the company a sector outperform rating in a report on Friday, September 27th. Rodman & Renshaw upgraded Biomea Fusion from a neutral rating to a buy rating and set a $18.00 target price for the company in a report on Thursday, September 26th. Finally, Truist Financial upgraded Biomea Fusion from a hold rating to a buy rating and set a $54.00 price target on the stock in a report on Friday, September 27th. Two equities research 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, Biomea Fusion has an average rating of Buy and a consensus price target of $29.40.

Biomea Fusion Trading Down 4.4 %

BMEA opened at $10.90 on Wednesday. The stock has a fifty day moving average price of $7.68 and a 200 day moving average price of $8.62. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $22.74. The stock has a market cap of $391.80 million, a price-to-earnings ratio of -3.05 and a beta of -0.43.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, meeting the consensus estimate of ($1.03). As a group, sell-side analysts forecast that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michael J.M. Hitchcock bought 10,000 shares of Biomea Fusion stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average price of $10.06 per share, for a total transaction of $100,600.00. Following the completion of the purchase, the director now owns 15,000 shares in the company, valued at approximately $150,900. This represents a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 27.57% of the company’s stock.

Institutional Trading of Biomea Fusion

Several institutional investors have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in Biomea Fusion during the second quarter worth about $36,000. High Net Worth Advisory Group LLC bought a new stake in Biomea Fusion during the 2nd quarter worth approximately $45,000. Scientech Research LLC acquired a new stake in Biomea Fusion during the 2nd quarter valued at $46,000. DRW Securities LLC bought a new position in Biomea Fusion in the 2nd quarter valued at $55,000. Finally, Centaurus Financial Inc. acquired a new position in Biomea Fusion in the fourth quarter worth $102,000. Institutional investors and hedge funds own 96.72% of the company’s stock.

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.