Biomea Fusion (NASDAQ:BMEA) Stock Price Expected to Rise, Piper Sandler Analyst Says

Biomea Fusion (NASDAQ:BMEA) had its price target raised by Piper Sandler from $10.00 to $19.00 in a research note released on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

BMEA has been the topic of a number of other reports. Citigroup cut their target price on shares of Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a research note on Wednesday, October 9th. 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 price objective for the company. Scotiabank lifted their target price on 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, Rodman & Renshaw upgraded Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price target for the company in a research note on Thursday, September 26th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $30.50.

Biomea Fusion Stock Down 3.5 %

BMEA stock opened at $9.04 on Thursday. The stock has a market cap of $327.61 million, a price-to-earnings ratio of -2.25 and a beta of -0.41. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $22.74. The business 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 quarterly earnings data on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) 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 EPS for the current year.

Insider Transactions at Biomea Fusion

In related news, Director Michael J.M. Hitchcock purchased 10,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was bought at an average price of $10.06 per share, with a total value of $100,600.00. Following the completion of the transaction, the director now owns 15,000 shares of the company’s stock, valued at approximately $150,900. This represents a 200.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 27.57% of the company’s stock.

Institutional Investors Weigh In On Biomea Fusion

Several hedge funds have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Biomea Fusion during the 2nd quarter valued at $36,000. High Net Worth Advisory Group LLC purchased a new position in Biomea Fusion in the second quarter valued at approximately $45,000. Scientech Research LLC acquired a new position in Biomea Fusion during the second quarter valued at approximately $46,000. DRW Securities LLC purchased a new stake in Biomea Fusion during the second quarter worth approximately $55,000. Finally, China Universal Asset Management Co. Ltd. increased its position 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 acquiring an additional 2,741 shares in the last quarter. 96.72% of the stock is 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.