Insider Buying: Biomea Fusion, Inc. (NASDAQ:BMEA) Director Buys $100,600.00 in Stock

Biomea Fusion, Inc. (NASDAQ:BMEA) Director Michael J.M. Hitchcock bought 10,000 shares of the stock in a transaction on Monday, September 30th. The stock was acquired at an average cost of $10.06 per share, for a total transaction of $100,600.00. Following the acquisition, the director now directly owns 15,000 shares in the company, valued at $150,900. The transaction was disclosed in a filing with the SEC, which is available through this link.

Biomea Fusion Trading Down 0.4 %

BMEA stock opened at $10.09 on Friday. The stock has a 50-day moving average price of $7.16 and a two-hundred day moving average price of $8.80. The stock has a market cap of $362.69 million, a PE ratio of -2.83 and a beta of -0.43. Biomea Fusion, Inc. has a 1 year low of $3.61 and a 1 year high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, hitting analysts’ consensus estimates of ($1.03). On average, analysts forecast that Biomea Fusion, Inc. will post -4.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on BMEA shares. Scotiabank increased their price target on shares of Biomea Fusion from $21.00 to $41.00 and gave the company a “sector outperform” rating in a report on Friday, September 27th. Barclays boosted their target price on Biomea Fusion from $5.00 to $9.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Piper Sandler reduced their target price on Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating on the stock in a report on Friday, June 7th. Citigroup reduced their target price on Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Finally, Truist Financial raised Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a report on Friday, September 27th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Biomea Fusion currently has an average rating of “Moderate Buy” and an average price target of $29.40.

Hedge Funds Weigh In On Biomea Fusion

Large investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its stake in Biomea Fusion by 0.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 177,602 shares of the company’s stock valued at $2,656,000 after purchasing an additional 1,028 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Biomea Fusion by 12.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,513 shares of the company’s stock valued at $232,000 after buying an additional 1,712 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in Biomea Fusion by 66.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 6,862 shares of the company’s stock valued at $103,000 after buying an additional 2,731 shares in the last quarter. Centaurus Financial Inc. acquired a new position in shares of Biomea Fusion during the fourth quarter worth $102,000. Finally, Natixis lifted its holdings in shares of Biomea Fusion by 65.3% during the first quarter. Natixis now owns 19,500 shares of the company’s stock worth $297,000 after purchasing an additional 7,700 shares during the period. 96.72% of the stock is currently owned by institutional investors and hedge funds.

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.