The Manufacturers Life Insurance Company Takes Position in Biomea Fusion, Inc. (NASDAQ:BMEA)

The Manufacturers Life Insurance Company bought a new stake in Biomea Fusion, Inc. (NASDAQ:BMEA) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 11,017 shares of the company’s stock, valued at approximately $111,000.

Several other hedge funds have also bought and sold shares of the company. China Universal Asset Management Co. Ltd. lifted its holdings in Biomea Fusion by 64.9% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 6,964 shares of the company’s stock valued at $70,000 after purchasing an additional 2,741 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Biomea Fusion during the 2nd quarter worth about $36,000. Scientech Research LLC acquired a new position in Biomea Fusion in the 2nd quarter valued at about $46,000. DRW Securities LLC acquired a new stake in Biomea Fusion during the second quarter worth approximately $55,000. Finally, Quest Partners LLC boosted its holdings in shares of Biomea Fusion by 528.3% during the third quarter. Quest Partners LLC now owns 19,553 shares of the company’s stock worth $197,000 after acquiring an additional 16,441 shares during the period. 96.72% of the stock is currently owned by institutional investors and hedge funds.

Biomea Fusion Price Performance

BMEA opened at $5.85 on Tuesday. The company’s 50 day moving average price is $8.51 and its two-hundred day moving average price is $7.31. The firm has a market capitalization of $212.00 million, a price-to-earnings ratio of -1.46 and a beta of -0.53. Biomea Fusion, Inc. has a fifty-two week low of $3.61 and a fifty-two week high of $20.21.

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

Insider Transactions at Biomea Fusion

In other news, Director Michael J.M. Hitchcock acquired 10,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 15,000 shares in the company, valued at $150,900. This represents a 200.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 27.57% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on BMEA. EF Hutton Acquisition Co. I raised Biomea Fusion to a “strong-buy” rating in a report on Wednesday, October 9th. Piper Sandler raised their price objective on Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Capital One Financial began coverage on Biomea Fusion in a research report on Thursday, August 29th. They issued an “overweight” rating and a $25.00 price target on the stock. RODMAN&RENSHAW upgraded shares of Biomea Fusion to a “strong-buy” rating in a research report on Thursday, September 26th. Finally, Scotiabank raised their target price on Biomea Fusion from $21.00 to $41.00 and gave the company a “sector outperform” rating in a report on Friday, September 27th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average 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.