The Manufacturers Life Insurance Company Makes New Investment in Biomea Fusion, Inc. (NASDAQ:BMEA)

The Manufacturers Life Insurance Company acquired a new position in shares of Biomea Fusion, Inc. (NASDAQ:BMEA) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 11,017 shares of the company’s stock, valued at approximately $111,000.

Other hedge funds also recently modified their holdings of the company. Renaissance Technologies LLC acquired a new stake in Biomea Fusion in the second quarter worth $1,481,000. Charles Schwab Investment Management Inc. boosted its position in shares of Biomea Fusion by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 208,391 shares of the company’s stock worth $2,105,000 after purchasing an additional 7,551 shares in the last quarter. Griffin Asset Management Inc. boosted its position in shares of Biomea Fusion by 147.0% during the 3rd quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock worth $970,000 after purchasing an additional 57,180 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Biomea Fusion by 46.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company’s stock valued at $420,000 after buying an additional 29,400 shares during the period. Finally, SG Americas Securities LLC increased its position in Biomea Fusion by 90.8% in the 2nd quarter. SG Americas Securities LLC now owns 59,009 shares of the company’s stock valued at $266,000 after buying an additional 28,085 shares in the last quarter. Institutional investors own 96.72% of the company’s stock.

Insider Buying and Selling

In related news, Director Michael J.M. Hitchcock bought 10,000 shares of Biomea Fusion stock in a transaction dated Monday, September 30th. The stock was purchased at an average cost of $10.06 per share, with a total value of $100,600.00. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $150,900. The trade was a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 27.57% of the stock is currently owned by corporate insiders.

Biomea Fusion Price Performance

BMEA opened at $5.85 on Tuesday. Biomea Fusion, Inc. has a fifty-two week low of $3.61 and a fifty-two week high of $20.21. The firm has a market capitalization of $212.00 million, a P/E ratio of -1.46 and a beta of -0.53. The company’s 50-day moving average is $8.51 and its 200 day moving average is $7.31.

Biomea Fusion (NASDAQ:BMEA) last posted its earnings results on Tuesday, October 29th. The company reported ($0.91) EPS for the quarter, topping the consensus estimate of ($0.94) by $0.03. On average, equities research analysts expect that Biomea Fusion, Inc. will post -3.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

BMEA has been the topic of several recent research reports. HC Wainwright reiterated a “buy” rating and issued a $40.00 price target on shares of Biomea Fusion in a report on Monday. Piper Sandler increased their target price on Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a research note on Wednesday, October 9th. Rodman & Renshaw raised shares of Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price objective on the stock in a research note on Thursday, September 26th. Finally, Scotiabank lifted their price objective on shares of Biomea Fusion from $21.00 to $41.00 and gave the company a “sector outperform” rating in a report on Friday, September 27th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average 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.