Biomea Fusion, Inc. (NASDAQ:BMEA) Given Consensus Recommendation of “Buy” by Analysts

Biomea Fusion, Inc. (NASDAQ:BMEA) has received an average rating of “Buy” from the thirteen research firms that are presently covering the company, Marketbeat.com 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 12-month target price among brokerages that have updated their coverage on the stock in the last year is $39.36.

A number of brokerages have issued reports on BMEA. Piper Sandler increased their target price on shares of Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Truist Financial raised Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research report on Friday, September 27th. HC Wainwright reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Biomea Fusion in a report on Monday, December 16th. EF Hutton Acquisition Co. I raised Biomea Fusion to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, Scotiabank boosted their price target on Biomea Fusion from $21.00 to $41.00 and gave the company a “sector outperform” rating in a research note on Friday, September 27th.

Insider Buying and Selling at Biomea Fusion

In other news, Director Michael J.M. Hitchcock purchased 10,000 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were purchased at an average cost of $10.06 per share, with a total value of $100,600.00. Following the completion of the purchase, the director now owns 15,000 shares of the company’s stock, valued at $150,900. This trade represents a 200.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 27.57% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BMEA. China Universal Asset Management Co. Ltd. increased its position in Biomea Fusion by 64.9% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 6,964 shares of the company’s stock valued at $70,000 after acquiring an additional 2,741 shares during the period. Geode Capital Management LLC grew its stake in shares of Biomea Fusion by 0.7% in the third quarter. Geode Capital Management LLC now owns 601,479 shares of the company’s stock worth $6,076,000 after purchasing an additional 4,291 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Biomea Fusion by 3.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 208,391 shares of the company’s stock valued at $2,105,000 after purchasing an additional 7,551 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Biomea Fusion during the 2nd quarter worth $36,000. Finally, Exchange Traded Concepts LLC lifted its holdings in Biomea Fusion by 62.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company’s stock worth $212,000 after buying an additional 8,079 shares during the period. Institutional investors own 96.72% of the company’s stock.

Biomea Fusion Price Performance

BMEA opened at $4.23 on Tuesday. The company has a market capitalization of $153.29 million, a PE ratio of -1.05 and a beta of -0.53. The business has a fifty day simple moving average of $7.97 and a 200 day simple moving average of $7.17. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $20.21.

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