Biomea Fusion Target of Unusually High Options Trading (NASDAQ:BMEA)

Biomea Fusion, Inc. (NASDAQ:BMEA) was the recipient of some unusual options trading activity on Friday. Traders purchased 9,805 call options on the company. This is an increase of 1,010% compared to the average daily volume of 883 call options.

Analysts Set New Price Targets

A number of research analysts have issued reports on BMEA shares. Citigroup reduced their target price 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. HC Wainwright upped their price target on shares of Biomea Fusion from $15.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday. RODMAN&RENSHAW upgraded shares of Biomea Fusion to a “strong-buy” rating in a report on Thursday. Capital One Financial assumed coverage on shares of Biomea Fusion in a research report on Thursday, August 29th. They issued an “overweight” rating and a $25.00 price target for the company. Finally, Barclays upped their price target on shares of Biomea Fusion from $5.00 to $9.00 and gave the company an “equal weight” rating in a research report on Friday. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Biomea Fusion presently has an average rating of “Moderate Buy” and an average target price of $29.40.

Hedge Funds Weigh In On Biomea Fusion

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 acquiring an additional 1,028 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Biomea Fusion by 12.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,513 shares of the company’s stock worth $232,000 after acquiring an additional 1,712 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in Biomea Fusion by 66.1% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 6,862 shares of the company’s stock valued at $103,000 after purchasing an additional 2,731 shares during the last quarter. Quest Partners LLC bought a new position in Biomea Fusion during the 4th quarter valued at about $79,000. Finally, Centaurus Financial Inc. bought a new position in Biomea Fusion during the 4th quarter valued at about $102,000. 96.72% of the stock is owned by institutional investors.

Biomea Fusion Price Performance

Shares of Biomea Fusion stock opened at $9.90 on Friday. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $22.74. The firm has a fifty day moving average price of $6.89 and a two-hundred day moving average price of $8.96. The company has a market cap of $358.48 million, a PE ratio of -2.77 and a beta of -0.47.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($1.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.03). Analysts expect that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

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.