Analysts Set Biomea Fusion, Inc. (NASDAQ:BMEA) Target Price at $39.36

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) have received a consensus rating of "Buy" from the thirteen brokerages that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $39.36.

A number of research analysts have recently issued reports on BMEA shares. Rodman & Renshaw upgraded shares of Biomea Fusion from a "neutral" rating to a "buy" rating and set a $18.00 price target on the stock in a research note on Thursday, September 26th. Piper Sandler raised their price target on Biomea Fusion from $10.00 to $19.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. Barclays upped their price objective on Biomea Fusion from $9.00 to $11.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 30th. Citigroup decreased their target price on shares of Biomea Fusion from $45.00 to $22.00 and set a "buy" rating on the stock in a research report on Tuesday, August 27th. Finally, HC Wainwright reiterated a "buy" rating and issued a $40.00 price target on shares of Biomea Fusion in a report on Monday.

Insider Activity

In related news, Director Michael J.M. Hitchcock purchased 10,000 shares of the company's stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $10.06 per share, with a total value of $100,600.00. Following the completion of the transaction, 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 27.57% of the company's stock.

Institutional Trading of Biomea Fusion

A number of institutional investors and hedge funds have recently made changes to their positions in BMEA. Griffin Asset Management Inc. grew its position in Biomea Fusion by 147.0% during 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. Squarepoint Ops LLC purchased a new position in Biomea Fusion in the second quarter valued at approximately $237,000. Renaissance Technologies LLC purchased a new stake in Biomea Fusion during the second quarter worth approximately $1,481,000. Exchange Traded Concepts LLC raised its stake in shares of Biomea Fusion by 62.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company's stock valued at $212,000 after acquiring an additional 8,079 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Biomea Fusion by 46.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company's stock worth $420,000 after purchasing an additional 29,400 shares during the period. 96.72% of the stock is currently owned by institutional investors and hedge funds.

Biomea Fusion Stock Down 20.7 %

Biomea Fusion stock traded down $1.21 during mid-day trading on Tuesday, hitting $4.64. The company had a trading volume of 6,307,460 shares, compared to its average volume of 1,001,086. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $20.21. The business has a fifty day moving average of $8.38 and a 200 day moving average of $7.27. The stock has a market cap of $168.15 million, a price-to-earnings ratio of -1.16 and a beta of -0.53.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last posted its quarterly earnings data 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. Equities analysts anticipate that Biomea Fusion will post -3.93 earnings per share for the current year.

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.