HC Wainwright Reaffirms Buy Rating for Biomea Fusion (NASDAQ:BMEA)

HC Wainwright restated their buy rating on shares of Biomea Fusion (NASDAQ:BMEA) in a research report sent to investors on Tuesday, Benzinga reports. They currently have a $40.00 price objective on the stock.

A number of other equities analysts have also recently issued reports on the company. EF Hutton Acquisition Co. I upgraded Biomea Fusion to a “strong-buy” rating in a report on Wednesday, October 9th. Truist Financial upgraded Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a report on Friday, September 27th. Scotiabank upped their price objective on Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a report on Friday, September 27th. Citigroup cut their price objective 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, RODMAN&RENSHAW upgraded Biomea Fusion to a “strong-buy” rating in a report on Thursday, September 26th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $29.40.

Biomea Fusion Stock Up 2.2 %

Biomea Fusion stock opened at $11.56 on Tuesday. Biomea Fusion has a 52 week low of $3.61 and a 52 week high of $22.74. The business has a 50-day simple moving average of $8.76 and a 200 day simple moving average of $8.40. The stock has a market cap of $415.52 million, a price-to-earnings ratio of -3.18 and a beta of -0.43.

Biomea Fusion (NASDAQ:BMEA) last posted its earnings results on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, hitting the consensus estimate of ($1.03). On average, research analysts anticipate that Biomea Fusion will post -4.09 earnings per share for the current year.

Insider Activity

In related news, Director Michael J.M. Hitchcock bought 10,000 shares of the stock in a transaction dated Monday, September 30th. The stock was bought at an average price of $10.06 per share, with a total value of $100,600.00. Following the purchase, the director now owns 15,000 shares in the company, valued at approximately $150,900. The trade was a 200.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 27.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Biomea Fusion by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,365,625 shares of the company’s stock valued at $20,416,000 after purchasing an additional 15,626 shares during the last quarter. Renaissance Technologies LLC bought a new position in Biomea Fusion during the 2nd quarter valued at approximately $1,481,000. Price T Rowe Associates Inc. MD raised its position in Biomea Fusion by 0.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 177,602 shares of the company’s stock valued at $2,656,000 after purchasing an additional 1,028 shares during the last quarter. Griffin Asset Management Inc. raised its position in Biomea Fusion by 147.0% during the 3rd 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. Finally, Bank of New York Mellon Corp raised its position in Biomea Fusion by 46.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company’s stock valued at $420,000 after purchasing an additional 29,400 shares during the last quarter. 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.