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

Geode Capital Management LLC grew its holdings in shares of Biomea Fusion, Inc. (NASDAQ:BMEA) by 0.7% during the 3rd quarter, HoldingsChannel reports. 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’s holdings in Biomea Fusion were worth $6,076,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Biomea Fusion during the 2nd quarter valued at $36,000. Scientech Research LLC purchased a new stake in Biomea Fusion during the second quarter valued at about $46,000. DRW Securities LLC bought a new position in shares of Biomea Fusion during the second quarter valued at about $55,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of Biomea Fusion by 64.9% in the third 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 shares of Biomea Fusion in the second quarter worth about $109,000. 96.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on BMEA shares. D. Boral Capital restated a “buy” rating and set a $128.00 price target on shares of Biomea Fusion in a research report on Tuesday, December 17th. Barclays raised their target price on shares of Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. RODMAN&RENSHAW upgraded shares of Biomea Fusion to a “strong-buy” rating in a report on Thursday, September 26th. HC Wainwright reissued a “buy” rating and issued a $40.00 price target on shares of Biomea Fusion in a report on Monday, December 16th. Finally, EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $39.36.

Biomea Fusion Price Performance

Shares of NASDAQ BMEA 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 stock has a market capitalization of $135.17 million, a P/E ratio of -0.93 and a beta of -0.53. The company’s 50-day moving average is $6.48 and its 200 day moving average is $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. Research analysts anticipate that Biomea Fusion, Inc. will post -3.93 earnings per share for the current year.

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.