Geode Capital Management LLC Raises Holdings in Biomea Fusion, Inc. (NASDAQ:BMEA)

Geode Capital Management LLC increased its position in Biomea Fusion, Inc. (NASDAQ:BMEA) by 0.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 601,479 shares of the company’s stock after acquiring an additional 4,291 shares during the quarter. Geode Capital Management LLC owned about 1.66% of Biomea Fusion worth $6,076,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BMEA. Point72 Asia Singapore Pte. Ltd. bought a new position in Biomea Fusion during the second quarter worth about $36,000. Scientech Research LLC purchased a new stake in shares of Biomea Fusion during the 2nd quarter valued at approximately $46,000. DRW Securities LLC bought a new position in Biomea Fusion in the 2nd quarter worth approximately $55,000. China Universal Asset Management Co. Ltd. boosted its holdings in 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 buying an additional 2,741 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new position in Biomea Fusion in the 2nd quarter valued at approximately $109,000. 96.72% of the stock is currently owned by institutional investors.

Biomea Fusion Price Performance

Shares of Biomea Fusion stock opened at $3.73 on Friday. Biomea Fusion, Inc. has a 1 year low of $3.61 and a 1 year high of $20.21. The firm has a market cap of $135.17 million, a PE ratio of -0.93 and a beta of -0.53. The company has a 50 day simple moving average of $6.48 and a two-hundred day simple moving average of $6.97.

Biomea Fusion (NASDAQ:BMEA) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.94) by $0.03. As a group, research analysts anticipate that Biomea Fusion, Inc. will post -3.93 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on BMEA. EF Hutton Acquisition Co. I upgraded Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Truist Financial raised Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a report on Friday, September 27th. D. Boral Capital reaffirmed a “buy” rating and set a $128.00 target price on shares of Biomea Fusion in a report on Tuesday, December 17th. RODMAN&RENSHAW raised shares of Biomea Fusion to a “strong-buy” rating in a report on Thursday, September 26th. Finally, Rodman & Renshaw raised shares of Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price objective for the company in a research note on Thursday, September 26th. Two investment 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 data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $39.36.

About Biomea Fusion

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.