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

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

BMEA has been the topic of a number of recent analyst reports. Rodman & Renshaw initiated coverage on Biomea Fusion in a research note on Tuesday, January 13th. They issued a “buy” rating and a $8.00 target price on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Biomea Fusion in a report on Wednesday, January 21st. D. Boral Capital reaffirmed a “buy” rating and issued a $12.00 price target on shares of Biomea Fusion in a research note on Tuesday, January 13th. Finally, Citigroup decreased their price objective on shares of Biomea Fusion from $7.00 to $6.00 and set a “buy” rating for the company in a report on Monday, November 10th.

Insider Buying and Selling at Biomea Fusion

In other news, insider Rainer M. Erdtmann purchased 30,000 shares of the stock in a transaction that occurred on 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 completion of the acquisition, the insider owned 723,027 shares of the company’s stock, valued at approximately $1,033,928.61. This trade represents a 4.33% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 18.42% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Griffin Asset Management Inc. lifted its holdings in shares of Biomea Fusion by 19.5% in the 3rd quarter. Griffin Asset Management Inc. now owns 61,300 shares of the company’s stock worth $124,000 after buying an additional 10,000 shares during the period. Scientech Research LLC purchased a new stake in Biomea Fusion in the third quarter worth about $25,000. Engineers Gate Manager LP purchased a new stake in Biomea Fusion in the second quarter worth about $26,000. Millennium Management LLC grew its holdings in Biomea Fusion by 156.7% during the 4th quarter. Millennium Management LLC now owns 25,677 shares of the company’s stock worth $32,000 after acquiring an additional 15,675 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in Biomea Fusion during the 3rd quarter valued at about $32,000. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

Biomea Fusion Stock Performance

BMEA opened at $1.32 on Friday. The stock’s 50 day moving average price is $1.31 and its 200-day moving average price is $1.51. Biomea Fusion has a one year low of $0.87 and a one year high of $3.75. The stock has a market cap of $93.32 million, a price-to-earnings ratio of -0.55 and a beta of -0.16.

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.