Biomea Fusion Stock Soars to Record High

Year-to-date, BMEA is up more than 243%

Deputy Editor

Mar 28, 2023 at 3:00 PM

The shares of Biomea Fusion Inc (NASDAQ:BMEA) are soaring today, up 88.1% at $29.03 at last glance and earlier hitting a record high of $29.49, all of which contributed to an impressive 243.9% year-to-date lead. The biotech name reported promising data from a mid-stage study of its diabetes therapy, BMF-21, after which Piper Sandler lifted its price target to $40 from $16.

Options traders are blasting BMEA in response, with 2,482 calls and 5,046 puts exchanged so far, or 15 times the intraday average. The April 30 call and 15 put are the most popular, with new positions opening at both.

Analysts are wholeheartedly bullish on Biomea Fusion stock, with all six firms in coverage carrying a "strong buy" rating. The 12-month consensus price target of $30.17 is a slim 4.2% premium to current levels, though, indicating additional bull notes may be on the horizon.

Follow @Schaeffers

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released!