Biomea Fusion Target of Unusually High Options Trading (NASDAQ:BMEA)

Key Points

• Unusual options activity: Traders bought 3,238 Biomea Fusion call options, about 270% above the typical volume of 875.
• Stock performance: BMEA rose $0.31 to $1.68, with trading volume exceeding 3.5 million shares versus an average of about 1.17 million. The company reported a quarterly loss of $0.12 per share, beating estimates by $0.10.
• Analyst outlook: Five analysts rate the stock Buy and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $8.20, substantially above the current price.

Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) was the target of some unusual options trading activity on Monday. Traders bought 3,238 call options on the stock. This represents an increase of approximately 270% compared to the typical volume of 875 call options.

Biomea Fusion Price Performance

NASDAQ:BMEA traded up $0.31 during trading hours on Monday, hitting $1.68. 3,594,443 shares of the company were exchanged, compared to its average volume of 1,170,767. The stock has a market capitalization of $121.69 million, a price-to-earnings ratio of -5.79 and a beta of -0.28. Biomea Fusion has a 52-week low of $0.87 and a 52-week high of $2.99. The company's 50 day moving average price is $1.29 and its 200-day moving average price is $1.38.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.22) by $0.10. On average, equities analysts predict that Biomea Fusion will post -0.73 earnings per share for the current year.

Analysts Set New Price Targets

BMEA has been the topic of a number of recent research reports. Citigroup initiated coverage on shares of Biomea Fusion in a research note on Tuesday, May 5th. They set an "outperform" rating on the stock. Weiss Ratings lowered Biomea Fusion from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, July 1st. Wall Street Zen cut Biomea Fusion from a "hold" rating to a "sell" rating in a research report on Saturday, May 30th. Citizens Jmp initiated coverage on Biomea Fusion in a report on Tuesday, May 5th. They issued a "market outperform" rating and a $9.00 price target on the stock. Finally, D. Boral Capital reiterated a "buy" rating and issued a $12.00 price target on shares of Biomea Fusion in a report on Tuesday, April 28th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Biomea Fusion currently has an average rating of "Moderate Buy" and an average price target of $8.20.

Institutional Trading of Biomea Fusion

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Biomea Fusion by 15.4% in the third quarter. Vanguard Group Inc. now owns 2,170,066 shares of the company's stock worth $4,384,000 after purchasing an additional 290,376 shares during the last quarter. Renaissance Technologies LLC boosted its position in Biomea Fusion by 174.3% in the first quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company's stock valued at $2,009,000 after buying an additional 834,179 shares during the last quarter. Marshall Wace LLP increased its holdings in Biomea Fusion by 293.7% in the 4th quarter. Marshall Wace LLP now owns 1,160,351 shares of the company's stock worth $1,439,000 after buying an additional 865,618 shares during the period. BlackRock Inc. purchased a new position in Biomea Fusion during the 2nd quarter worth approximately $1,052,000. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in Biomea Fusion during the 4th quarter worth approximately $783,000. Institutional investors and hedge funds 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.

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