Traders Purchase High Volume of Biomea Fusion Call Options (NASDAQ:BMEA)

Key Points

• Traders purchased a significant volume of Biomea Fusion call options, with 4,927 calls bought, representing a 357% increase over the average daily volume.
• Biomea Fusion's stock has seen a 37.3% decline, trading at $1.68, with a market cap of $99.68 million and a fifty-two week high of $13.07.
• Analysts have mixed ratings on BMEA, with an average target price of $9.50, while two firms rate it a Strong Buy and Weiss Ratings issued a sell rating.

Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) was the recipient of some unusual options trading on Tuesday. Stock traders acquired 4,927 call options on the stock. This is an increase of 357% compared to the average daily volume of 1,077 call options.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BMEA. Oppenheimer reaffirmed an "outperform" rating on shares of Biomea Fusion in a research note on Tuesday, August 5th. D. Boral Capital reaffirmed a "buy" rating and issued a $16.00 price objective on shares of Biomea Fusion in a research note on Friday. Citigroup dropped their price objective on Biomea Fusion from $9.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Biomea Fusion in a research note on Saturday, September 27th. Finally, Scotiabank dropped their price objective on Biomea Fusion from $30.00 to $10.00 and set a "sector outperform" rating for the company in a research note on Wednesday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $9.50.

Institutional Investors Weigh In On Biomea Fusion

Several hedge funds have recently made changes to their positions in BMEA. Bank of America Corp DE boosted its holdings in shares of Biomea Fusion by 98.0% during the fourth quarter. Bank of America Corp DE now owns 51,180 shares of the company's stock worth $199,000 after purchasing an additional 25,332 shares during the last quarter. Exchange Traded Concepts LLC boosted its holdings in shares of Biomea Fusion by 140.9% during the first quarter. Exchange Traded Concepts LLC now owns 50,550 shares of the company's stock worth $108,000 after purchasing an additional 29,565 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Biomea Fusion by 90.0% in the first quarter. Oppenheimer & Co. Inc. now owns 165,937 shares of the company's stock valued at $353,000 after acquiring an additional 78,579 shares during the last quarter. Cerity Partners LLC acquired a new position in Biomea Fusion in the first quarter valued at $37,000. Finally, CWM LLC boosted its holdings in Biomea Fusion by 8,058.5% in the first quarter. CWM LLC now owns 16,888 shares of the company's stock valued at $36,000 after acquiring an additional 16,681 shares during the last quarter. Institutional investors and hedge funds own 96.72% of the company's stock.

Biomea Fusion Stock Down 37.3%

Shares of BMEA stock traded down $1.00 during mid-day trading on Tuesday, hitting $1.68. 13,909,585 shares of the company's stock were exchanged, compared to its average volume of 1,372,409. Biomea Fusion has a fifty-two week low of $1.29 and a fifty-two week high of $13.07. The stock has a 50-day simple moving average of $1.87 and a two-hundred day simple moving average of $1.91. The stock has a market cap of $99.68 million, a price-to-earnings ratio of -0.55 and a beta of -0.12.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.08. As a group, analysts anticipate that Biomea Fusion will post -3.93 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.