Biomea Fusion, Inc. (NASDAQ:BMEA) Given Consensus Rating of “Buy” by Analysts

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) have received a consensus recommendation of “Buy” from the thirteen ratings firms that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $39.36.

BMEA has been the topic of a number of recent research reports. D. Boral Capital reaffirmed a “buy” rating and issued a $128.00 price objective on shares of Biomea Fusion in a research note on Tuesday, December 17th. Barclays raised their price target on Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Citigroup dropped their price objective on Biomea Fusion from $45.00 to $22.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. EF Hutton Acquisition Co. I upgraded Biomea Fusion to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, 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.

Insider Buying and Selling

In other news, Director Michael J.M. Hitchcock bought 10,000 shares of the stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $10.06 per share, for a total transaction of $100,600.00. Following the acquisition, the director now owns 15,000 shares in the company, valued at approximately $150,900. This trade represents a 200.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 27.57% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BMEA. Griffin Asset Management Inc. lifted its stake in Biomea Fusion by 147.0% in the 3rd 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 in the last quarter. Squarepoint Ops LLC bought a new stake in shares of Biomea Fusion in the second quarter worth $237,000. Renaissance Technologies LLC acquired a new position in Biomea Fusion during the second quarter worth $1,481,000. Exchange Traded Concepts LLC grew its position 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 in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Biomea Fusion by 46.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company’s stock valued at $420,000 after buying an additional 29,400 shares during the last quarter. 96.72% of the stock is owned by institutional investors and hedge funds.

Biomea Fusion Stock Down 4.7 %

Shares of BMEA opened at $4.03 on Tuesday. The stock’s fifty day simple moving average is $7.97 and its 200-day simple moving average is $7.11. The firm has a market capitalization of $146.04 million, a PE ratio of -1.00 and a beta of -0.53. Biomea Fusion has a 12-month low of $3.61 and a 12-month high of $20.21.

Biomea Fusion (NASDAQ:BMEA) last released its earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.03. Analysts anticipate that Biomea Fusion will post -3.93 EPS for the current year.

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.