Fmr LLC Increases Stock Position in Biomea Fusion, Inc. (NASDAQ:BMEA)

Fmr LLC raised its stake in shares of Biomea Fusion, Inc. (NASDAQ:BMEA) by 0.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,431,525 shares of the company’s stock after purchasing an additional 39,959 shares during the quarter. Fmr LLC owned 14.99% of Biomea Fusion worth $54,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Biomea Fusion during the 2nd quarter valued at about $36,000. High Net Worth Advisory Group LLC purchased a new stake in Biomea Fusion in the second quarter worth approximately $45,000. Scientech Research LLC bought a new position in Biomea Fusion during the second quarter valued at approximately $46,000. DRW Securities LLC purchased a new position in shares of Biomea Fusion during the second quarter worth approximately $55,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Biomea Fusion by 64.9% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 6,964 shares of the company’s stock worth $70,000 after acquiring an additional 2,741 shares during the last quarter. Hedge funds and other institutional investors own 96.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Truist Financial raised shares of Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a report on Friday, September 27th. RODMAN&RENSHAW upgraded Biomea Fusion to a “strong-buy” rating in a report on Thursday, September 26th. EF Hutton Acquisition Co. I raised Biomea Fusion to a “strong-buy” rating in a research note on Wednesday, October 9th. Scotiabank raised their price target on Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a research report on Friday, September 27th. Finally, HC Wainwright reiterated a “buy” rating and issued a $40.00 price objective on shares of Biomea Fusion in a research report on Thursday, November 21st. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Biomea Fusion presently has a consensus rating of “Buy” and a consensus target price of $39.36.

Biomea Fusion Trading Down 1.5 %

Shares of Biomea Fusion stock opened at $6.10 on Friday. Biomea Fusion, Inc. has a 12-month low of $3.61 and a 12-month high of $20.46. The company has a market cap of $221.06 million, a P/E ratio of -1.52 and a beta of -0.53. The company’s fifty day simple moving average is $9.03 and its two-hundred day simple moving average is $7.58.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.94) by $0.03. Analysts predict that Biomea Fusion, Inc. will post -3.93 EPS for the current fiscal year.

Insider Transactions at Biomea Fusion

In other Biomea Fusion news, Director Michael J.M. Hitchcock purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was bought at an average cost of $10.06 per share, for a total transaction of $100,600.00. Following the purchase, the director now directly owns 15,000 shares in the company, valued at $150,900. The trade was a 200.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 27.57% of the company’s stock.

Biomea Fusion 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.