Piper Sandler Issues Positive Forecast for Biomea Fusion (NASDAQ:BMEA) Stock Price

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

A number of other equities analysts have also recently weighed in on BMEA. HC Wainwright reaffirmed a “buy” rating and set a $40.00 price objective on shares of Biomea Fusion in a research report on Thursday. Capital One Financial initiated coverage on Biomea Fusion in a research report on Thursday, August 29th. They set an “overweight” rating and a $25.00 price target for the company. Rodman & Renshaw upgraded Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price objective on the stock in a report on Thursday, September 26th. Truist Financial upgraded Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a report on Friday, September 27th. Finally, Citigroup cut their price target on shares of Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Biomea Fusion currently has a consensus rating of “Buy” and an average target price of $30.50.

Biomea Fusion Trading Down 3.5 %

NASDAQ BMEA opened at $9.04 on Thursday. The stock has a fifty day simple moving average of $9.41 and a 200-day simple moving average of $8.31. The stock has a market cap of $327.61 million, a PE ratio of -2.25 and a beta of -0.43. Biomea Fusion has a twelve month low of $3.61 and a twelve month high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last announced its earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share for the quarter, topping the consensus estimate of ($0.94) by $0.03. Research analysts predict that Biomea Fusion will post -4.09 EPS for the current year.

Insider Activity

In other news, Director Michael J.M. Hitchcock bought 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average cost of $10.06 per share, for a total transaction of $100,600.00. Following the completion of the purchase, 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 27.57% of the company’s stock.

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors and hedge funds have recently modified their holdings of BMEA. China Universal Asset Management Co. Ltd. boosted its position in shares of Biomea Fusion by 64.9% during the 3rd 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. Griffin Asset Management Inc. increased its stake in Biomea Fusion by 147.0% in the third quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock valued at $970,000 after purchasing an additional 57,180 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in Biomea Fusion by 62.6% during the third quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company’s stock worth $212,000 after purchasing an additional 8,079 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Biomea Fusion during the 2nd quarter worth approximately $109,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Biomea Fusion in the 2nd quarter valued at $36,000. 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.