HC Wainwright Reaffirms Buy Rating for Biomea Fusion (NASDAQ:BMEA)

HC Wainwright reiterated their buy rating on shares of Biomea Fusion (NASDAQ:BMEA - Free Report) in a report published on Tuesday morning,Benzinga reports. They currently have a $40.00 target price on the stock.

Several other brokerages also recently issued reports on BMEA. Truist Financial upgraded shares of Biomea Fusion from a "hold" rating to a "buy" rating and set a $54.00 price objective for the company in a research report on Friday, September 27th. Barclays raised their price target on shares of Biomea Fusion from $9.00 to $11.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 30th. D. Boral Capital reaffirmed a "buy" rating and set a $128.00 target price on shares of Biomea Fusion in a report on Friday. Scotiabank lifted their price objective on shares of Biomea Fusion from $21.00 to $41.00 and gave the company a "sector outperform" rating in a research note on Friday, September 27th. Finally, RODMAN&RENSHAW upgraded shares of Biomea Fusion to a "strong-buy" rating in a research report on Thursday, September 26th. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $39.36.

Biomea Fusion Price Performance

Shares of Biomea Fusion stock remained flat at $4.15 during trading on Tuesday. The company had a trading volume of 659,430 shares, compared to its average volume of 1,019,769. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $20.21. The stock has a 50 day moving average of $5.64 and a 200-day moving average of $6.96. The firm has a market capitalization of $150.39 million, a PE ratio of -1.03 and a beta of -0.35.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.91) EPS for the quarter, topping analysts' consensus estimates of ($0.94) by $0.03. Sell-side analysts forecast that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Institutional Trading of Biomea Fusion

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Griffin Asset Management Inc. boosted its stake in shares of Biomea Fusion by 147.0% in the third quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company's stock worth $970,000 after acquiring an additional 57,180 shares during the period. Squarepoint Ops LLC purchased a new stake in shares of Biomea Fusion in the second quarter valued at $237,000. Barclays PLC boosted its holdings in Biomea Fusion by 156.3% during the 3rd quarter. Barclays PLC now owns 39,620 shares of the company's stock valued at $401,000 after acquiring an additional 24,162 shares during the period. Geode Capital Management LLC grew its holdings 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. Finally, Renaissance Technologies LLC purchased a new stake in shares of Biomea Fusion in the second quarter valued at approximately $1,481,000. 96.72% of the stock is owned by hedge funds and other institutional investors.

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.