Biomea Fusion (NASDAQ:BMEA) Stock Price Expected to Rise, Piper Sandler Analyst Says

Biomea Fusion (NASDAQ:BMEA) had its price target increased by equities researchers at Piper Sandler from $10.00 to $19.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 97.51% from the company’s previous close.

A number of other analysts also recently issued reports on BMEA. Capital One Financial started coverage on shares of Biomea Fusion in a report on Thursday, August 29th. They set an “overweight” rating and a $25.00 price objective for the company. Truist Financial raised Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a research note on Friday, September 27th. EF Hutton Acquisition Co. I upgraded Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Citigroup decreased their price objective on Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Finally, Barclays upped their target price on Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Two 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $30.50.

Biomea Fusion Price Performance

NASDAQ BMEA traded down $0.72 during trading on Thursday, reaching $9.62. The company’s stock had a trading volume of 1,210,496 shares, compared to its average volume of 1,016,805. The firm has a fifty day moving average of $9.34 and a 200 day moving average of $8.36. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74. The stock has a market capitalization of $348.34 million, a PE ratio of -2.41 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, topping the consensus estimate of ($0.94) by $0.03. Research analysts expect that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Biomea Fusion

In other news, Director Michael J.M. Hitchcock acquired 10,000 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were purchased at an average price of $10.06 per share, for a total transaction of $100,600.00. Following the completion of the transaction, the director now owns 15,000 shares of the company’s stock, valued at $150,900. The trade was a 200.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 27.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Biomea Fusion

Large investors have recently made changes to their positions in the business. China Universal Asset Management Co. Ltd. lifted its stake in Biomea Fusion by 64.9% in the third 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. Griffin Asset Management Inc. raised its holdings in Biomea Fusion by 147.0% in the 3rd quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock worth $970,000 after purchasing an additional 57,180 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Biomea Fusion by 62.6% in the 3rd 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 during the period. Cubist Systematic Strategies LLC bought a new stake in shares of Biomea Fusion during the 2nd quarter valued at about $109,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Biomea Fusion during the 2nd quarter valued at about $36,000. 96.72% of the stock is currently owned by institutional investors.

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.