Biomea Fusion FY2024 EPS Estimate Raised by HC Wainwright

Biomea Fusion, Inc. (NASDAQ:BMEA) – Equities researchers at HC Wainwright raised their FY2024 earnings per share estimates for Biomea Fusion in a report issued on Thursday, October 31st. HC Wainwright analyst J. Pantginis now anticipates that the company will post earnings of ($3.97) per share for the year, up from their prior estimate of ($4.22). HC Wainwright currently has a “Buy” rating and a $40.00 target price on the stock. The consensus estimate for Biomea Fusion’s current full-year earnings is ($4.09) per share. HC Wainwright also issued estimates for Biomea Fusion’s Q4 2024 earnings at ($1.02) EPS, FY2025 earnings at ($3.17) EPS, FY2026 earnings at ($2.63) EPS, FY2027 earnings at ($2.92) EPS and FY2028 earnings at ($3.05) EPS.

A number of other equities analysts also recently issued reports on the company. Capital One Financial began coverage on Biomea Fusion in a research note on Thursday, August 29th. They set an “overweight” rating and a $25.00 target price for the company. Barclays raised their target price on Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. RODMAN&RENSHAW raised shares of Biomea Fusion to a “strong-buy” rating in a research note on Thursday, September 26th. Scotiabank raised their price objective on shares of Biomea Fusion from $21.00 to $41.00 and gave the company a “sector outperform” rating in a research note on Friday, September 27th. Finally, Citigroup lowered 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. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $30.50.

Biomea Fusion Stock Down 3.5 %

NASDAQ BMEA opened at $9.04 on Monday. The stock has a market capitalization of $327.61 million, a P/E ratio of -2.25 and a beta of -0.41. Biomea Fusion has a 52-week low of $3.61 and a 52-week high of $22.74. The firm has a 50-day moving average price of $9.41 and a 200 day moving average price of $8.29.

Biomea Fusion (NASDAQ:BMEA) last released its earnings results on Tuesday, October 29th. The company reported ($0.91) EPS for the quarter, topping the consensus estimate of ($0.94) by $0.03.

Institutional Investors Weigh In On Biomea Fusion

Several hedge funds have recently made changes to their positions in the business. China Universal Asset Management Co. Ltd. lifted its position in Biomea Fusion by 64.9% during 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 during the period. Griffin Asset Management Inc. boosted its position in shares of Biomea Fusion by 147.0% in the third quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock worth $970,000 after acquiring an additional 57,180 shares during the last quarter. Exchange Traded Concepts LLC grew 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 position in Biomea Fusion during the second quarter worth approximately $109,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Biomea Fusion during the second quarter worth approximately $36,000. Institutional investors and hedge funds own 96.72% of the company’s stock.

Insider Buying and Selling at Biomea Fusion

In other news, Director Michael J.M. Hitchcock purchased 10,000 shares of the stock in a transaction dated Monday, September 30th. The stock was acquired at an average cost of $10.06 per share, for a total transaction of $100,600.00. Following the completion of the acquisition, the director now directly owns 15,000 shares in the company, valued at $150,900. This represents a 200.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 27.57% of the stock is owned by insiders.

Biomea Fusion Company Profile

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.