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

Quest Partners LLC raised its stake in shares of Biomea Fusion, Inc. (NASDAQ:BMEA) by 528.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 19,553 shares of the company’s stock after acquiring an additional 16,441 shares during the period. Quest Partners LLC owned approximately 0.05% of Biomea Fusion worth $197,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of BMEA. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Biomea Fusion in the 2nd quarter worth approximately $36,000. High Net Worth Advisory Group LLC bought a new position in shares of Biomea Fusion in the 2nd quarter worth approximately $45,000. Scientech Research LLC bought a new position in shares of Biomea Fusion in the 2nd quarter worth approximately $46,000. DRW Securities LLC bought a new position in shares of Biomea Fusion in the 2nd quarter worth approximately $55,000. Finally, China Universal Asset Management Co. Ltd. lifted its stake in shares of Biomea Fusion by 64.9% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 6,964 shares of the company’s stock worth $70,000 after purchasing an additional 2,741 shares during the period. Institutional investors own 96.72% of the company’s stock.

Biomea Fusion Stock Performance

BMEA 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 fifty-two week low of $3.61 and a fifty-two week high of $22.74. The firm 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 issued its quarterly earnings results 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. On average, equities analysts predict that Biomea Fusion, Inc. will post -3.93 EPS for the current year.

Analyst Ratings Changes

BMEA has been the topic of several recent research reports. EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a research note on Wednesday, October 9th. Piper Sandler increased their price objective on shares of Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. HC Wainwright reissued a “buy” rating and issued a $40.00 target price on shares of Biomea Fusion in a report on Thursday, November 21st. Truist Financial raised shares of Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a report on Friday, September 27th. Finally, Citigroup reduced their target price on shares of Biomea Fusion from $45.00 to $22.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Two 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 stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $39.36.

Insiders Place Their Bets

In other news, Director Michael J.M. Hitchcock acquired 10,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was bought at an average cost of $10.06 per share, with a total value of $100,600.00. Following the completion of the purchase, the director now directly owns 15,000 shares of the company’s stock, valued at $150,900. This represents a 200.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 27.57% of the stock is owned by insiders.

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.