Biomea Fusion (NASDAQ:BMEA) Given New $11.00 Price Target at Barclays

Biomea Fusion (NASDAQ:BMEA) had its price target upped by Barclays from $9.00 to $11.00 in a research report report published on Wednesday, Benzinga reports. They currently have an equal weight rating on the stock.

Other equities research analysts also recently issued research reports about the company. Capital One Financial started coverage on Biomea Fusion in a report on Thursday, August 29th. They issued an “overweight” rating and a $25.00 price target for the company. 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. RODMAN&RENSHAW upgraded shares of Biomea Fusion to a “strong-buy” rating in a research note on Thursday, September 26th. Citigroup dropped their price objective 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. Finally, Rodman & Renshaw raised Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price target for the company in a research report on Thursday, September 26th. 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 MarketBeat, Biomea Fusion has an average rating of “Buy” and an average target price of $29.60.

Biomea Fusion Stock Performance

NASDAQ:BMEA opened at $10.34 on Wednesday. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $22.74. The company’s 50-day simple moving average is $9.34 and its 200-day simple moving average is $8.36. The stock has a market capitalization of $374.41 million, a P/E ratio of -2.58 and a beta of -0.43.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.94) by $0.03. On average, research analysts forecast that Biomea Fusion will post -4.09 EPS for the current year.

Insider Buying and Selling at Biomea Fusion

In related news, Director Michael J.M. Hitchcock bought 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average cost of $10.06 per share, with a total value of $100,600.00. Following the completion of the acquisition, the director now directly owns 15,000 shares in the company, valued at approximately $150,900. The trade was a 200.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 27.57% of the company’s stock.

Institutional Trading of Biomea Fusion

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC purchased a new stake in shares of Biomea Fusion during the 2nd quarter worth about $1,481,000. Griffin Asset Management Inc. boosted its position in Biomea Fusion by 147.0% during the third quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock worth $970,000 after purchasing an additional 57,180 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in Biomea Fusion in the second quarter valued at approximately $237,000. XTX Topco Ltd acquired a new stake in Biomea Fusion in the second quarter valued at approximately $207,000. Finally, iA Global Asset Management Inc. acquired a new stake in Biomea Fusion in the second quarter valued at approximately $174,000. Institutional investors and hedge funds own 96.72% of the company’s stock.

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.