Quest Partners LLC Buys 16,441 Shares of Biomea Fusion, Inc. (NASDAQ:BMEA)

Quest Partners LLC increased its holdings in Biomea Fusion, Inc. (NASDAQ:BMEA) by 528.3% in the third quarter, Holdings Channel reports. The fund owned 19,553 shares of the company’s stock after purchasing an additional 16,441 shares during the quarter. Quest Partners LLC’s holdings in Biomea Fusion were worth $197,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Renaissance Technologies LLC purchased a new stake in Biomea Fusion during the second quarter worth $1,481,000. Griffin Asset Management Inc. grew its holdings in Biomea Fusion by 147.0% in the third 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 during the last quarter. Squarepoint Ops LLC acquired a new position in shares of Biomea Fusion during the second quarter worth $237,000. XTX Topco Ltd purchased a new stake in shares of Biomea Fusion during the 2nd quarter valued at $207,000. Finally, iA Global Asset Management Inc. acquired a new stake in Biomea Fusion in the second quarter worth about $174,000. 96.72% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Biomea Fusion

In other news, Director Michael J.M. Hitchcock acquired 10,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was bought at an average price of $10.06 per share, with a total value of $100,600.00. Following the completion of the acquisition, the director now owns 15,000 shares of the company’s stock, valued at approximately $150,900. This represents a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 27.57% of the stock is owned by corporate insiders.

Biomea Fusion Price Performance

Shares of Biomea Fusion stock opened at $7.02 on Thursday. The firm has a fifty day moving average price of $9.35 and a 200 day moving average price of $7.83. Biomea Fusion, Inc. has a 1 year low of $3.61 and a 1 year high of $22.74. The stock has a market cap of $254.40 million, a PE ratio of -1.74 and a beta of -0.41.

Biomea Fusion (NASDAQ:BMEA) last released 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 analysts expect that Biomea Fusion, Inc. will post -3.93 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on BMEA shares. Rodman & Renshaw upgraded shares of Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price objective on the stock in a report on Thursday, September 26th. HC Wainwright restated a “buy” rating and set a $40.00 price target on shares of Biomea Fusion in a research note on Thursday, November 21st. EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a research note on Wednesday, October 9th. Scotiabank lifted their price objective on shares of Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a research note on Friday, September 27th. Finally, Barclays lifted their price objective on shares of Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. 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 company. Based on data from MarketBeat, Biomea Fusion presently has an average rating of “Buy” and a consensus target price of $39.36.

Biomea Fusion 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.