Biomea Fusion, Inc. (NASDAQ:BMEA) Given Average Recommendation of "Buy" by Brokerages

Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) has been given a consensus rating of "Buy" by the twelve research firms that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $30.50.

A number of research analysts recently commented on BMEA shares. Rodman & Renshaw raised shares of Biomea Fusion from a "neutral" rating to a "buy" rating and set a $18.00 price target for the company in a report on Thursday, September 26th. EF Hutton Acquisition Co. I raised shares of Biomea Fusion to a "strong-buy" rating in a research report on Wednesday, October 9th. RODMAN&RENSHAW raised shares of Biomea Fusion to a "strong-buy" rating in a research report on Thursday, September 26th. Scotiabank raised their target price on shares of Biomea Fusion from $21.00 to $41.00 and gave the stock a "sector outperform" rating in a research report on Friday, September 27th. Finally, Citigroup reduced 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.

Insider Activity at Biomea Fusion

In other news, Director Michael J.M. Hitchcock purchased 10,000 shares of the business's stock in a transaction on Monday, September 30th. The shares were acquired at an average cost of $10.06 per share, with a total value of $100,600.00. Following the completion of the acquisition, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 27.57% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Biomea Fusion

Several institutional investors and hedge funds have recently bought and sold shares of the company. Barclays PLC grew its holdings in Biomea Fusion by 156.3% in the third quarter. Barclays PLC now owns 39,620 shares of the company's stock worth $401,000 after purchasing an additional 24,162 shares during the last quarter. Geode Capital Management LLC grew its holdings in 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. Wexford Capital LP grew its holdings in Biomea Fusion by 26.9% in the third quarter. Wexford Capital LP now owns 130,336 shares of the company's stock worth $1,316,000 after purchasing an additional 27,619 shares during the last quarter. FMR LLC grew its holdings in Biomea Fusion by 0.7% in the third quarter. FMR LLC now owns 5,431,525 shares of the company's stock worth $54,858,000 after purchasing an additional 39,959 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Biomea Fusion during the third quarter worth $111,000. 96.72% of the stock is owned by hedge funds and other institutional investors.

Biomea Fusion Stock Up 0.9 %

BMEA stock traded up $0.06 during trading on Friday, reaching $6.44. The company's stock had a trading volume of 498,001 shares, compared to its average volume of 1,001,894. The company's fifty day moving average is $9.43 and its 200-day moving average is $7.98. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $22.74. The company has a market capitalization of $233.39 million, a P/E ratio of -1.68 and a beta of -0.41.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.91) EPS for the quarter, beating the consensus estimate of ($0.94) by $0.03. 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.