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

HC Wainwright reaffirmed their buy rating on shares of Biomea Fusion (NASDAQ:BMEA - Free Report) in a report released on Tuesday, Benzinga reports. The firm currently has a $40.00 target price on the stock.

A number of other research firms also recently weighed in on BMEA. Truist Financial upgraded shares of Biomea Fusion from a "hold" rating to a "buy" rating and set a $54.00 price target on the stock in a research note on Friday, September 27th. Barclays lifted their price target on shares of Biomea Fusion from $5.00 to $9.00 and gave the stock an "equal weight" rating in a research note on Friday, September 27th. EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a "strong-buy" rating in a research note on Wednesday, October 9th. Scotiabank lifted their price target on shares of Biomea Fusion from $21.00 to $41.00 and gave the stock a "sector outperform" rating in a research note on Friday, September 27th. Finally, Citigroup decreased their price target on shares of Biomea Fusion from $45.00 to $22.00 and set a "buy" rating on the stock in a research note on Tuesday, August 27th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $29.40.

Biomea Fusion Stock Up 2.0 %

BMEA stock traded up $0.23 during midday trading on Tuesday, hitting $11.47. 615,759 shares of the company traded hands, compared to its average volume of 1,026,827. Biomea Fusion has a twelve month low of $3.61 and a twelve month high of $22.74. The business has a 50 day simple moving average of $8.52 and a 200-day simple moving average of $8.38. The stock has a market capitalization of $412.29 million, a price-to-earnings ratio of -3.15 and a beta of -0.43.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, meeting the consensus estimate of ($1.03). Equities research analysts forecast that Biomea Fusion will post -4.09 EPS for the current year.

Insider Transactions at Biomea Fusion

In other Biomea Fusion news, Director Michael J.M. Hitchcock purchased 10,000 shares of the firm's stock in a transaction that occurred on Monday, September 30th. The shares were acquired at an average cost of $10.06 per share, for a total transaction of $100,600.00. Following the completion of the purchase, the director now owns 15,000 shares of the company's stock, valued at approximately $150,900. The trade was a 200.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 27.57% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Griffin Asset Management Inc. increased its holdings in Biomea Fusion by 147.0% in the third quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company's stock valued at $970,000 after purchasing an additional 57,180 shares during the period. Exchange Traded Concepts LLC increased its holdings 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 purchasing an additional 8,079 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in Biomea Fusion in the second quarter valued at $109,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Biomea Fusion in the second quarter valued at $36,000. Finally, Scientech Research LLC acquired a new stake in Biomea Fusion in the second quarter valued at $46,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.

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.