Biomea Fusion (NASDAQ:BMEA) Lifted to Strong-Buy at EF Hutton Acquisition Co. I

EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion (NASDAQ:BMEA) to a strong-buy rating in a research report report published on Wednesday morning, Zacks.com reports.

A number of other equities research analysts also recently commented on the stock. Truist Financial raised shares of Biomea Fusion from a hold rating to a buy rating and set a $54.00 target price for the company in a research report on Friday, September 27th. Rodman & Renshaw raised shares of 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. Scotiabank upped their price objective on Biomea Fusion from $21.00 to $41.00 and gave the stock a sector outperform rating in a research note on Friday, September 27th. Citigroup reduced their price objective 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. Finally, HC Wainwright upped their price objective on Biomea Fusion from $15.00 to $40.00 and gave the stock a buy rating in a report on Friday, September 27th. Two equities research 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. Based on data from MarketBeat, Biomea Fusion has an average rating of Buy and a consensus target price of $29.40.

Biomea Fusion Stock Performance

Shares of BMEA stock opened at $10.78 on Wednesday. The company’s 50-day moving average is $7.88 and its 200 day moving average is $8.56. The company has a market capitalization of $390.34 million, a price-to-earnings ratio of -2.76 and a beta of -0.43. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last posted its earnings results on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, hitting analysts’ consensus estimates of ($1.03). As a group, research analysts predict that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Biomea Fusion

In other Biomea Fusion news, Director Michael J.M. Hitchcock acquired 10,000 shares of the firm’s stock in a transaction dated 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 27.57% of the company’s stock.

Hedge Funds Weigh In On Biomea Fusion

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Centaurus Financial Inc. purchased a new stake in shares of Biomea Fusion in the 4th quarter valued at $102,000. PNC Financial Services Group Inc. purchased a new stake in shares of Biomea Fusion in the fourth quarter worth about $116,000. Griffin Asset Management Inc. boosted its holdings in Biomea Fusion by 39.4% during the first quarter. Griffin Asset Management Inc. now owns 37,890 shares of the company’s stock worth $566,000 after buying an additional 10,700 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its stake in shares of Biomea Fusion by 66.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 6,862 shares of the company’s stock valued at $103,000 after purchasing an additional 2,731 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Biomea Fusion by 12.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,513 shares of the company’s stock worth $232,000 after buying an additional 1,712 shares during the period. Hedge funds and other institutional investors own 96.72% of the company’s stock.

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.