Biomea Fusion (NASDAQ:BMEA) Price Target Raised to $11.00

Biomea Fusion (NASDAQ:BMEA) had its price target lifted by Barclays from $9.00 to $11.00 in a research note released on Wednesday, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other analysts also recently commented on BMEA. 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 research report on Thursday, September 26th. RODMAN&RENSHAW upgraded shares of Biomea Fusion to a “strong-buy” rating in a report on Thursday, September 26th. EF Hutton Acquisition Co. I raised Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Citigroup reduced their target price on Biomea Fusion from $45.00 to $22.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Finally, Scotiabank increased their price objective on Biomea Fusion from $21.00 to $41.00 and gave the company a “sector outperform” rating in a research report on Friday, September 27th. Two 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $30.50.

Biomea Fusion Stock Performance

Shares of NASDAQ BMEA opened at $9.04 on Wednesday. The company has a 50 day simple moving average of $9.41 and a two-hundred day simple moving average of $8.31. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $22.74. The company has a market capitalization of $327.61 million, a price-to-earnings ratio of -2.25 and a beta of -0.43.

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

Insiders Place Their Bets

In other Biomea Fusion news, Director Michael J.M. Hitchcock purchased 10,000 shares of Biomea Fusion stock in a transaction dated Monday, September 30th. The stock was purchased at an average price of $10.06 per share, with a total value of $100,600.00. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at $150,900. This trade represents a 200.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 27.57% of the company’s stock.

Institutional Investors Weigh In On Biomea Fusion

Hedge funds have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. purchased a new position in Biomea Fusion during the second quarter valued at $36,000. High Net Worth Advisory Group LLC bought a new position in shares of Biomea Fusion during the 2nd quarter valued at approximately $45,000. Scientech Research LLC purchased a new stake in Biomea Fusion in the 2nd quarter worth approximately $46,000. DRW Securities LLC bought a new stake in Biomea Fusion during the 2nd quarter worth approximately $55,000. Finally, China Universal Asset Management Co. Ltd. raised its stake in 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 during the period. 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.