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

Biomea Fusion (NASDAQ:BMEA - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at HC Wainwright in a research note issued to investors on Thursday, Benzinga reports. They presently have a $40.00 price target on the stock. HC Wainwright's price objective would suggest a potential upside of 326.89% from the stock's current price.

Several other equities analysts also recently issued reports on BMEA. Citigroup reduced their price objective on Biomea Fusion from $45.00 to $22.00 and set a "buy" rating for the company in a research report on Tuesday, August 27th. Rodman & Renshaw upgraded Biomea Fusion from a "neutral" rating to a "buy" rating and set a $18.00 price objective for the company in a research report on Thursday, September 26th. Truist Financial upgraded 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. Capital One Financial started coverage on Biomea Fusion in a research report on Thursday, August 29th. They set an "overweight" rating and a $25.00 price objective for the company. Finally, Scotiabank boosted their price objective on Biomea Fusion from $21.00 to $41.00 and gave the stock a "sector outperform" rating in a research report on Friday, September 27th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Biomea Fusion currently has an average rating of "Buy" and an average price target of $30.50.

Biomea Fusion Stock Down 9.4 %

Shares of NASDAQ:BMEA traded down $0.97 during trading on Thursday, hitting $9.37. 2,344,740 shares of the company traded hands, compared to its average volume of 1,022,516. The stock has a market capitalization of $339.29 million, a price-to-earnings ratio of -2.34 and a beta of -0.43. The business's fifty day moving average is $9.39 and its 200-day moving average is $8.36. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported ($0.91) EPS for the quarter, beating the consensus estimate of ($0.94) by $0.03. On average, analysts forecast that Biomea Fusion will post -4.09 EPS for the current year.

Insiders Place Their Bets

In other news, Director Michael J.M. Hitchcock bought 10,000 shares of the business's stock in a transaction on Monday, September 30th. The stock was purchased at an average cost of $10.06 per share, for a total transaction of $100,600.00. Following the completion of the transaction, the director now directly owns 15,000 shares of the company's stock, valued at approximately $150,900. This trade represents a 200.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 27.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. increased 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 valued at $70,000 after buying an additional 2,741 shares in the last quarter. PNC Financial Services Group Inc. bought a new position in shares of Biomea Fusion in the fourth quarter valued at $116,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Biomea Fusion during the 2nd quarter valued at $36,000. High Net Worth Advisory Group LLC acquired a new stake in Biomea Fusion during the 2nd quarter valued at $45,000. Finally, Scientech Research LLC acquired a new position 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.