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.

Follow @Schaeffers

Are You Ready for AI's Potential Supercycle Phase?
Amazon's Jeff Bezos surprised investors when he revealed that one emerging technology is the key to Amazon's future success... This technology could be worth $80 trillion by 2030. Learn more and join Motley Fool's Stock Advisor for 50% off!

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here

Featured Articles from Trusted Partners:

👀Learn How Dividends Create Passive Income for Life
Receive $200 Off Motley Fool Epic. The Motley Fool Epic $299 discounted offer is based on $499/year list price. Introductory promotion for new members only. Take control of your money and your portfolio with Motley Fool Epic.

💵New Income System Could Pay You $4,243 Monthly
You could collect an average of $4,243 per month starting as early as next week with a new payout system for income investors. New registrations are being accepted for investors who want to be in a position to start with their first payout next week.

🚀Easy 92% Crypto Dividends (No Coins Required)
COIN stock doesn't pay a dividend... But there's actually a new way to collect a massive dividend that's indirectly based on the stock and offers a terrific monthly income (currently yielding nearly 92% on a forward basis).

🤝Free Advisor Match with Wiseradvisor.com
Don't leave your retirement to chance! Get matched with a trusted financial expert for FREE and make the most of your tax refund. Get started now.

⚠️Dennis Quaid's #1 Warning for Americans
Here's the thing: life doesn't come with guarantees. The economy shifts, markets stumble, and years of hard work could slip through your fingers like sand. But it doesn't have to be that way for you. So request a free copy of this Gold & Silver Guide that will arrive right to your doorstep when you act now.