Biomea Fusion (NASDAQ:BMEA) Stock Price Expected to Rise, Barclays Analyst Says

Biomea Fusion (NASDAQ:BMEA) had its price objective upped by Barclays from $9.00 to $11.00 in a research report report published on Wednesday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

BMEA has been the subject of several other reports. HC Wainwright reiterated a “buy” rating and issued a $40.00 price objective on shares of Biomea Fusion in a research report on Tuesday, October 22nd. Rodman & Renshaw upgraded shares of Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price objective on the stock in a report on Thursday, September 26th. RODMAN&RENSHAW upgraded shares of Biomea Fusion to a “strong-buy” rating in a research report on Thursday, September 26th. EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, Capital One Financial initiated coverage on shares of Biomea Fusion in a research report on Thursday, August 29th. They set an “overweight” rating and a $25.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Biomea Fusion presently has a consensus rating of “Buy” and a consensus target price of $29.60.

Biomea Fusion Stock Performance

NASDAQ:BMEA opened at $10.34 on Wednesday. The stock has a 50 day moving average price of $9.34 and a 200 day moving average price of $8.36. The stock has a market cap of $374.41 million, a PE ratio of -2.58 and a beta of -0.43. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share for the quarter, beating the consensus estimate of ($0.94) by $0.03. As a group, analysts predict that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

Insider Transactions at Biomea Fusion

In other news, Director Michael J.M. Hitchcock bought 10,000 shares of Biomea Fusion stock in a transaction dated Monday, September 30th. The stock was acquired at an average cost of $10.06 per share, with a total value of $100,600.00. Following the acquisition, the director now owns 15,000 shares of the company’s stock, valued at approximately $150,900. This trade represents a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 27.57% of the company’s stock.

Hedge Funds Weigh In On Biomea Fusion

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Biomea Fusion by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 1,365,625 shares of the company’s stock valued at $20,416,000 after purchasing an additional 15,626 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Biomea Fusion in the second quarter valued at approximately $1,481,000. Price T Rowe Associates Inc. MD lifted its holdings in Biomea Fusion by 0.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 177,602 shares of the company’s stock valued at $2,656,000 after acquiring an additional 1,028 shares during the period. Griffin Asset Management Inc. lifted its holdings in Biomea Fusion by 147.0% in the third quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock valued at $970,000 after acquiring an additional 57,180 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Biomea Fusion by 46.0% in the second quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company’s stock valued at $420,000 after acquiring an additional 29,400 shares during the period. 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.