State Street Corp Decreases Stock Position in Biomea Fusion, Inc. (NASDAQ:BMEA)

State Street Corp lowered its stake in shares of Biomea Fusion, Inc. (NASDAQ:BMEA) by 5.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 641,195 shares of the company’s stock after selling 34,542 shares during the quarter. State Street Corp owned about 1.77% of Biomea Fusion worth $6,476,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of BMEA. China Universal Asset Management Co. Ltd. grew its holdings in shares of Biomea Fusion by 64.9% during the third quarter. China Universal Asset Management Co. Ltd. now owns 6,964 shares of the company’s stock valued at $70,000 after buying an additional 2,741 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Biomea Fusion in the second quarter valued at about $36,000. Scientech Research LLC purchased a new position in shares of Biomea Fusion in the second quarter worth about $46,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Biomea Fusion during the third quarter worth about $111,000. Finally, DRW Securities LLC purchased a new stake in Biomea Fusion in the second quarter valued at approximately $55,000. 96.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BMEA. D. Boral Capital reaffirmed a “buy” rating and issued a $128.00 price objective on shares of Biomea Fusion in a report on Tuesday, December 17th. RODMAN&RENSHAW upgraded Biomea Fusion to a “strong-buy” rating in a research note on Thursday, September 26th. Truist Financial upgraded Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research note on Friday, September 27th. Rodman & Renshaw upgraded Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price target for the company in a research report on Thursday, September 26th. Finally, Piper Sandler upped their price objective on Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $39.36.

Insiders Place Their Bets

In other Biomea Fusion news, Director Michael J.M. Hitchcock bought 10,000 shares of the stock in a transaction on Monday, September 30th. The shares were bought at an average price of $10.06 per share, with a total value of $100,600.00. Following the purchase, the director now directly owns 15,000 shares in the company, valued at $150,900. This trade represents a 200.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 27.57% of the stock is owned by company insiders.

Biomea Fusion Stock Performance

Biomea Fusion stock opened at $4.00 on Friday. The stock has a market capitalization of $144.96 million, a P/E ratio of -1.00 and a beta of -0.53. The company’s fifty day moving average price is $7.26 and its 200 day moving average price is $7.04. Biomea Fusion, Inc. has a 1 year low of $3.61 and a 1 year high of $20.21.

Biomea Fusion (NASDAQ:BMEA) last announced its 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. Sell-side analysts predict that Biomea Fusion, Inc. will post -3.93 EPS for the current year.

Biomea Fusion Company 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.