Rodman & Renshaw Initiates Coverage on Biomea Fusion (NASDAQ:BMEA)

Equities researchers at Rodman & Renshaw began coverage on shares of Biomea Fusion (NASDAQ:BMEA) in a note issued to investors on Tuesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $8.00 price target on the stock. Rodman & Renshaw’s price objective would suggest a potential upside of 393.83% from the company’s current price.

A number of other equities research analysts have also recently commented on BMEA. Citigroup decreased their price target on Biomea Fusion from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Monday, November 10th. D. Boral Capital reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Biomea Fusion in a research report on Tuesday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Biomea Fusion in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $8.78.

Biomea Fusion Trading Up 6.6%

NASDAQ BMEA opened at $1.62 on Tuesday. The firm’s fifty day simple moving average is $1.27 and its two-hundred day simple moving average is $1.60. Biomea Fusion has a 12-month low of $0.87 and a 12-month high of $4.59. The firm has a market capitalization of $114.53 million, a P/E ratio of -0.68 and a beta of -0.16.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings data on Tuesday, November 4th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.01). As a group, sell-side analysts predict that Biomea Fusion will post -3.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Biomea Fusion news, insider Rainer M. Erdtmann acquired 30,000 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were acquired at an average cost of $1.43 per share, with a total value of $42,900.00. Following the acquisition, the insider directly owned 723,027 shares of the company’s stock, valued at approximately $1,033,928.61. The trade was a 4.33% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 18.42% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Biomea Fusion by 15.4% in the third quarter. Vanguard Group Inc. now owns 2,170,066 shares of the company’s stock valued at $4,384,000 after purchasing an additional 290,376 shares during the last quarter. Aisling Capital Management LP lifted its holdings in shares of Biomea Fusion by 156.5% in the 2nd quarter. Aisling Capital Management LP now owns 2,048,757 shares of the company’s stock valued at $3,688,000 after buying an additional 1,250,000 shares during the period. Two Sigma Investments LP boosted its stake in shares of Biomea Fusion by 61.0% in the third quarter. Two Sigma Investments LP now owns 562,968 shares of the company’s stock worth $1,137,000 after buying an additional 213,321 shares during the last quarter. XTX Topco Ltd grew its holdings in Biomea Fusion by 77.1% during the third quarter. XTX Topco Ltd now owns 265,303 shares of the company’s stock worth $536,000 after acquiring an additional 115,524 shares during the period. Finally, AQR Capital Management LLC raised its position in Biomea Fusion by 670.5% during the first quarter. AQR Capital Management LLC now owns 264,028 shares of the company’s stock valued at $562,000 after acquiring an additional 229,763 shares in the last quarter. Hedge funds and other institutional investors own 96.72% of the company’s stock.

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.