Biomea Fusion (NASDAQ:BMEA) Trading 2.9% Higher

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA – Get Rating) shot up 2.9% during mid-day trading on Wednesday . The company traded as high as $32.18 and last traded at $31.95. 122,738 shares traded hands during trading, a decline of 80% from the average session volume of 617,408 shares. The stock had previously closed at $31.05.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BMEA. Oppenheimer restated an “outperform” rating and set a $47.00 price target on shares of Biomea Fusion in a report on Tuesday, April 11th. Piper Sandler upped their price objective on shares of Biomea Fusion from $16.00 to $40.00 and gave the stock an “overweight” rating in a report on Tuesday, March 28th. EF Hutton Acquisition Co. I reissued a “buy” rating and issued a $33.00 price target on shares of Biomea Fusion in a report on Thursday, April 6th. Citigroup reduced their price target on shares of Biomea Fusion from $55.00 to $53.00 in a report on Thursday, May 18th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $22.00 price objective on shares of Biomea Fusion in a research note on Friday, March 24th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $40.29.

Biomea Fusion Trading Down 3.8 %

The stock’s fifty day moving average is $27.86 and its two-hundred day moving average is $15.71.

Biomea Fusion (NASDAQ:BMEA – Get Rating) last issued its earnings results on Tuesday, March 28th. The company reported ($0.86) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.81) by ($0.05). Analysts anticipate that Biomea Fusion, Inc. will post -3.54 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder A2a Pharmaceuticals, Inc. sold 200,000 shares of the business’s stock in a transaction on Thursday, April 20th. The shares were sold at an average price of $29.12, for a total transaction of $5,824,000.00. Following the transaction, the insider now directly owns 3,900,000 shares in the company, valued at $113,568,000. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Bihua Chen acquired 400,000 shares of Biomea Fusion stock in a transaction on Thursday, March 30th. The stock was purchased at an average cost of $30.00 per share, with a total value of $12,000,000.00. Following the completion of the transaction, the director now directly owns 3,570,872 shares in the company, valued at approximately $107,126,160. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder A2a Pharmaceuticals, Inc. sold 200,000 shares of Biomea Fusion stock in a transaction on Thursday, April 20th. The stock was sold at an average price of $29.12, for a total transaction of $5,824,000.00. Following the transaction, the insider now directly owns 3,900,000 shares of the company’s stock, valued at $113,568,000. The disclosure for this sale can be found here. Over the last three months, insiders have sold 325,000 shares of company stock worth $10,069,000. Insiders own 45.70% of the company’s stock.

Hedge Funds Weigh In On Biomea Fusion

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UBS Group AG boosted its position in Biomea Fusion by 3,980.0% during the third quarter. UBS Group AG now owns 4,080 shares of the company’s stock worth $40,000 after purchasing an additional 3,980 shares during the period. High Net Worth Advisory Group LLC boosted its position in shares of Biomea Fusion by 650.0% in the first quarter. High Net Worth Advisory Group LLC now owns 7,500 shares of the company’s stock valued at $233,000 after acquiring an additional 6,500 shares during the period. Charles Schwab Investment Management Inc. bought a new stake in shares of Biomea Fusion in the first quarter valued at about $238,000. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Biomea Fusion in the first quarter valued at about $248,000. Finally, Chartwell Investment Partners LLC bought a new stake in shares of Biomea Fusion in the first quarter valued at about $258,000. 50.28% of the stock is owned by institutional investors.

About Biomea Fusion

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Biomea Fusion, Inc, a 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, an orally bioavailable, potent, and selective covalent inhibitor of menin, a transcriptional regulator in oncogenic signaling in multiple cancers.