Analysts Set Biomea Fusion, Inc. (NASDAQ:BMEA) Price Target at $8.78

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) have earned an average rating of “Moderate Buy” from the ten ratings firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $8.7778.

Several equities research analysts have recently commented on BMEA shares. Rodman & Renshaw started coverage on Biomea Fusion in a report on Tuesday, January 13th. They set a “buy” rating and a $8.00 price objective for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Biomea Fusion in a report on Wednesday, January 21st. D. Boral Capital restated a “buy” rating and issued a $12.00 target price on shares of Biomea Fusion in a research note on Tuesday, January 13th. Finally, Citigroup dropped their price objective on shares of Biomea Fusion from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Monday, November 10th.

Insiders Place Their Bets

In other Biomea Fusion news, insider Rainer M. Erdtmann purchased 30,000 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was purchased at an average price of $1.43 per share, for a total transaction of $42,900.00. Following the transaction, the insider owned 723,027 shares in the company, valued at $1,033,928.61. The trade was a 4.33% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 18.42% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Scientech Research LLC bought a new stake in Biomea Fusion during the 3rd quarter valued at $25,000. Engineers Gate Manager LP bought a new stake in shares of Biomea Fusion during the 2nd quarter valued at about $26,000. Vanguard Personalized Indexing Management LLC purchased a new stake in Biomea Fusion in the third quarter worth about $32,000. Virtu Financial LLC purchased a new position in shares of Biomea Fusion during the 3rd quarter worth approximately $39,000. Finally, Marex Group plc purchased a new position in shares of Biomea Fusion in the 2nd quarter valued at approximately $81,000. 96.72% of the stock is owned by hedge funds and other institutional investors.

Biomea Fusion Stock Up 2.4%

NASDAQ BMEA opened at $1.30 on Wednesday. The company has a market cap of $91.91 million, a price-to-earnings ratio of -0.54 and a beta of -0.16. Biomea Fusion has a twelve month low of $0.87 and a twelve month high of $4.43. The business’s fifty day moving average is $1.28 and its 200 day moving average is $1.57.

Biomea Fusion (NASDAQ:BMEA) last posted its earnings results on Tuesday, November 4th. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.01). On average, research analysts anticipate that Biomea Fusion will post -3.93 earnings per share for the current fiscal year.

About Biomea Fusion

Biomea Fusion, Inc (NASDAQ:BMEA) is a clinical‐stage biopharmaceutical company headquartered in Carlsbad, California. The company is dedicated to the discovery and development of small molecule therapies that target epigenetic regulators implicated in cancer. By leveraging a proprietary chemistry and drug discovery platform, Biomea Fusion aims to design precision medicines that modulate gene expression pathways involved in the initiation and progression of hematological malignancies and solid tumors.

The company’s lead clinical asset, BMF-219, is an orally bioavailable inhibitor of the menin–mixed‐lineage leukemia (MLL) protein–protein interaction.