Biomea Fusion (NASDAQ:BMEA) Raised to “Strong-Buy” at EF Hutton Acquisition Co. I

EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion (NASDAQ:BMEA) to a strong-buy rating in a research note issued to investors on Wednesday, Zacks.com reports.

A number of other equities research analysts have also weighed in on BMEA. HC Wainwright raised their price objective on shares of Biomea Fusion from $15.00 to $40.00 and gave the company a buy rating in a report on Friday, September 27th. Rodman & Renshaw raised shares of Biomea Fusion from a neutral rating to a buy rating and set a $18.00 target price on the stock in a research report on Thursday, September 26th. Scotiabank increased their target price on shares of Biomea Fusion from $21.00 to $41.00 and gave the company a sector outperform rating in a research report on Friday, September 27th. Citigroup dropped their target price on shares of Biomea Fusion from $45.00 to $22.00 and set a buy rating on the stock in a research report on Tuesday, August 27th. Finally, Truist Financial raised shares of Biomea Fusion from a hold rating to a buy rating and set a $54.00 target price on the stock in a research report on Friday, September 27th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of Buy and a consensus target price of $29.40.

Biomea Fusion Stock Up 0.3 %

Biomea Fusion stock opened at $10.78 on Wednesday. Biomea Fusion has a 52-week low of $3.61 and a 52-week high of $22.74. The company’s 50 day moving average is $7.88 and its two-hundred day moving average is $8.60. The firm has a market cap of $390.34 million, a PE ratio of -2.76 and a beta of -0.43.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($1.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.03). On average, equities research analysts anticipate that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Biomea Fusion news, Director Michael J.M. Hitchcock acquired 10,000 shares of the stock in a transaction on Monday, September 30th. The shares were bought at an average cost of $10.06 per share, with a total value of $100,600.00. Following the transaction, the director now owns 15,000 shares of the company’s stock, valued at approximately $150,900. This trade represents a 200.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 27.57% of the stock is currently owned by insiders.

Institutional Trading of Biomea Fusion

Hedge funds have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Biomea Fusion in the 2nd quarter worth $36,000. High Net Worth Advisory Group LLC acquired a new stake in shares of Biomea Fusion in the 2nd quarter worth $45,000. Scientech Research LLC acquired a new stake in shares of Biomea Fusion in the 2nd quarter worth $46,000. DRW Securities LLC acquired a new stake in shares of Biomea Fusion in the 2nd quarter worth $55,000. Finally, Centaurus Financial Inc. acquired a new stake in shares of Biomea Fusion in the 4th quarter worth $102,000. Institutional investors and hedge funds own 96.72% of the company’s stock.

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.