Biomea Fusion Stock Soars to Record High

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

Laura McCandless

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.

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