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

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) have been assigned an average recommendation of “Moderate Buy” from the ten research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $8.7778.

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

Biomea Fusion Price Performance

NASDAQ BMEA opened at $1.32 on Friday. The firm has a market capitalization of $93.33 million, a P/E ratio of -0.55 and a beta of -0.16. Biomea Fusion has a 1-year low of $0.87 and a 1-year high of $3.73. The business’s 50-day simple moving average is $1.31 and its 200-day simple moving average is $1.50.

Insiders Place Their Bets

In other news, insider Rainer M. Erdtmann acquired 30,000 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were purchased at an average price of $1.43 per share, for a total transaction of $42,900.00. Following the acquisition, the insider directly owned 723,027 shares of the company’s stock, valued at $1,033,928.61. This represents a 4.33% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 18.42% of the company’s stock.

Institutional Investors Weigh In On Biomea Fusion

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Scientech Research LLC bought a new stake in shares of Biomea Fusion in the third quarter worth $25,000. Engineers Gate Manager LP acquired a new stake in shares of Biomea Fusion in the 2nd quarter valued at about $26,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Biomea Fusion in the 3rd quarter valued at about $32,000. Millennium Management LLC increased its holdings in Biomea Fusion by 156.7% in the fourth quarter. Millennium Management LLC now owns 25,677 shares of the company’s stock valued at $32,000 after buying an additional 15,675 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in Biomea Fusion during the third quarter valued at approximately $39,000. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

Biomea Fusion Company Profile

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.