Traders Buy Large Volume of Call Options on Biomea Fusion (NASDAQ:BMEA)

Biomea Fusion, Inc. (NASDAQ:BMEA) saw some unusual options trading activity on Monday. Stock traders acquired 2,889 call options on the company. This represents an increase of approximately 172% compared to the typical daily volume of 1,064 call options.

Hedge Funds Weigh In On Biomea Fusion

Several institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC grew its stake in shares of Biomea Fusion by 174.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,312,798 shares of the company’s stock worth $2,009,000 after buying an additional 834,179 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Biomea Fusion during the 2nd quarter valued at about $1,052,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Biomea Fusion during the 4th quarter valued at about $783,000. GSA Capital Partners LLP bought a new position in shares of Biomea Fusion in the 2nd quarter valued at about $318,000. Finally, ADAR1 Capital Management LLC bought a new position in shares of Biomea Fusion in the 2nd quarter valued at about $64,000. Institutional investors own 96.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. HC Wainwright reaffirmed a “buy” rating on shares of Biomea Fusion in a report on Monday, August 24th. Weiss Ratings downgraded shares of Biomea Fusion from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, July 1st. Finally, Wall Street Zen upgraded shares of Biomea Fusion from a “sell” rating to a “hold” rating in a research report on Saturday. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $9.00.

Biomea Fusion Stock Performance

NASDAQ:BMEA traded down $0.10 during trading hours on Monday, reaching $1.74. The stock had a trading volume of 850,655 shares, compared to its average volume of 1,307,417. Biomea Fusion has a 52 week low of $0.87 and a 52 week high of $2.99. The company has a 50 day moving average price of $1.49 and a two-hundred day moving average price of $1.46. The stock has a market capitalization of $125.76 million, a PE ratio of -5.99 and a beta of -0.23.

Biomea Fusion (NASDAQ:BMEA) last posted its earnings results on Thursday, August 6th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.10. Equities research analysts predict that Biomea Fusion will post -0.73 EPS for the current year.

Biomea Fusion Company Profile

Biomea Fusion, Inc is a clinical-stage biopharmaceutical company focused on developing small-molecule medicines for patients with cancer and metabolic diseases. The company uses its proprietary FUSION System to discover and develop covalent medicines designed to selectively target disease-associated proteins.

Biomea’s lead investigational product is icovamenib, also known as BMF-219, an oral covalent inhibitor of menin. The company has evaluated icovamenib in clinical studies for genetically defined blood cancers, including acute leukemias and multiple myeloma, as well as for type 2 diabetes and other metabolic conditions.