Biomea Fusion (NASDAQ:BMEA) Receives "Buy" Rating from HC Wainwright

Biomea Fusion (NASDAQ:BMEA - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at HC Wainwright in a note issued to investors on Thursday,Benzinga reports. They currently have a $40.00 price objective on the stock.

A number of other analysts also recently weighed in on BMEA. Rodman & Renshaw upgraded Biomea Fusion from a "neutral" rating to a "buy" rating and set a $18.00 target price for the company in a research 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. Barclays raised their target price on shares of Biomea Fusion from $9.00 to $11.00 and gave the company an "equal weight" rating in a report on Wednesday, October 30th. Scotiabank upped their price target on shares of Biomea Fusion from $21.00 to $41.00 and gave the stock a "sector outperform" rating in a report on Friday, September 27th. Finally, Capital One Financial started coverage on shares of Biomea Fusion in a research note on Thursday, August 29th. They issued an "overweight" rating and a $25.00 price objective on the stock. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $30.50.

Biomea Fusion Trading Up 1.6 %

BMEA stock traded up $0.10 during trading hours on Thursday, hitting $6.38. 465,592 shares of the stock were exchanged, compared to its average volume of 1,004,124. The company has a 50-day simple moving average of $9.45 and a two-hundred day simple moving average of $7.99. The firm has a market capitalization of $231.21 million, a P/E ratio of -1.57 and a beta of -0.41. Biomea Fusion has a 12 month low of $3.61 and a 12 month high of $22.74.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.94) by $0.03. On average, equities research analysts predict that Biomea Fusion will post -3.93 earnings per share for the current year.

Insider Buying and Selling

In other Biomea Fusion news, Director Michael J.M. Hitchcock acquired 10,000 shares of Biomea Fusion stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average price of $10.06 per share, with a total value of $100,600.00. Following the completion of the purchase, the director now directly owns 15,000 shares in the company, valued at $150,900. This trade represents a 200.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 27.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Biomea Fusion

Institutional investors have recently made changes to their positions in the stock. Griffin Asset Management Inc. boosted 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 last quarter. Squarepoint Ops LLC bought a new stake in shares of Biomea Fusion during the 2nd quarter valued at about $237,000. Vanguard Group Inc. grew its stake in Biomea Fusion by 1.2% during the first quarter. Vanguard Group Inc. now owns 1,365,625 shares of the company's stock worth $20,416,000 after purchasing an additional 15,626 shares during the period. Renaissance Technologies LLC bought a new stake in Biomea Fusion in the second quarter worth approximately $1,481,000. Finally, Exchange Traded Concepts LLC lifted its stake in Biomea Fusion by 62.6% in the third quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company's stock valued at $212,000 after buying an additional 8,079 shares during the period. 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.