Barclays Forecasts Strong Price Appreciation for Biomea Fusion (NASDAQ:BMEA) Stock

Biomea Fusion (NASDAQ:BMEA - Get Free Report) had its price target lifted by stock analysts at Barclays from $9.00 to $11.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Barclays's target price would indicate a potential upside of 6.38% from the stock's previous close.

Several other equities analysts have also recently commented on BMEA. Citigroup dropped 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. Scotiabank lifted their price target on Biomea Fusion from $21.00 to $41.00 and gave the stock a "sector outperform" rating in a report on Friday, September 27th. RODMAN&RENSHAW raised Biomea Fusion to a "strong-buy" rating in a research report on Thursday, September 26th. EF Hutton Acquisition Co. I upgraded Biomea Fusion to a "strong-buy" rating in a research note on Wednesday, October 9th. Finally, Truist Financial upgraded shares of Biomea Fusion from a "hold" rating to a "buy" rating and set a $54.00 price target for the company in a research report on Friday, September 27th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $29.60.

Biomea Fusion Stock Performance

BMEA traded down $1.72 during midday trading on Wednesday, reaching $10.34. 903,160 shares of the company were exchanged, compared to its average volume of 1,016,134. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74. The company's fifty day moving average price is $9.25 and its 200 day moving average price is $8.34. The company has a market cap of $374.41 million, a price-to-earnings ratio of -2.58 and a beta of -0.43.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last issued 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. As a group, sell-side analysts anticipate that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

Insider Activity

In other Biomea Fusion news, Director Michael J.M. Hitchcock acquired 10,000 shares of the business's stock in a transaction that occurred on Monday, September 30th. The stock was bought 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 in the company, valued at approximately $150,900. This represents a 200.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 27.57% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Biomea Fusion by 64.9% in the third quarter. China Universal Asset Management Co. Ltd. now owns 6,964 shares of the company's stock worth $70,000 after buying an additional 2,741 shares in the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of Biomea Fusion during the 4th quarter valued at $116,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Biomea Fusion in the second quarter worth $36,000. High Net Worth Advisory Group LLC bought a new position in shares of Biomea Fusion in the second quarter worth $45,000. Finally, Scientech Research LLC purchased a new stake in shares of Biomea Fusion in the second quarter worth $46,000. 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.