Biomea Fusion (NASDAQ:BMEA) Trading Up 6.5% – What’s Next?

Biomea Fusion, Inc. (NASDAQ:BMEA)’s share price was up 6.5% on Thursday . The company traded as high as $1.79 and last traded at $1.79. Approximately 3,325,992 shares changed hands during trading, an increase of 21% from the average daily volume of 2,738,776 shares. The stock had previously closed at $1.68.

Analyst Ratings Changes

Several research analysts have recently issued reports on BMEA shares. Oppenheimer restated an “outperform” rating on shares of Biomea Fusion in a report on Tuesday, August 5th. D. Boral Capital restated a “buy” rating and set a $16.00 price objective on shares of Biomea Fusion in a report on Friday, October 3rd. Citigroup dropped their price objective on shares of Biomea Fusion from $9.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Weiss Ratings restated a “sell (e+)” rating on shares of Biomea Fusion in a report on Wednesday. Finally, Scotiabank dropped their price objective on shares of Biomea Fusion from $30.00 to $10.00 and set a “sector outperform” rating on the stock in a report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Biomea Fusion has an average rating of “Moderate Buy” and an average target price of $9.50.

Biomea Fusion Price Performance

The firm has a market cap of $106.52 million, a P/E ratio of -0.59 and a beta of -0.12. The stock’s 50 day moving average is $1.88 and its two-hundred day moving average is $1.90.

Biomea Fusion (NASDAQ:BMEA) last posted its earnings results on Tuesday, August 5th. The company reported ($0.51) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.08. As a group, research analysts forecast that Biomea Fusion, Inc. will post -3.93 EPS for the current fiscal year.

Institutional Trading of Biomea Fusion

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Marex Group plc bought a new stake in Biomea Fusion in the second quarter valued at about $81,000. Engineers Gate Manager LP bought a new stake in Biomea Fusion during the second quarter worth about $26,000. Bridgeway Capital Management LLC grew its stake in Biomea Fusion by 99.2% during the second quarter. Bridgeway Capital Management LLC now owns 70,300 shares of the company’s stock worth $127,000 after buying an additional 35,000 shares during the last quarter. Aisling Capital Management LP grew its stake in Biomea Fusion by 156.5% during the second quarter. Aisling Capital Management LP now owns 2,048,757 shares of the company’s stock worth $3,688,000 after buying an additional 1,250,000 shares during the last quarter. Finally, Scotia Capital Inc. bought a new stake in Biomea Fusion during the second quarter worth about $459,000. 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.