Adage Capital Partners GP L.L.C. Sells 400,000 Shares of Biomea Fusion, Inc. (NASDAQ:BMEA)

Adage Capital Partners GP L.L.C. trimmed its position in shares of Biomea Fusion, Inc. (NASDAQ:BMEA) by 44.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 500,000 shares of the company’s stock after selling 400,000 shares during the period. Adage Capital Partners GP L.L.C.’s holdings in Biomea Fusion were worth $1,940,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. raised its stake in shares of Biomea Fusion by 14.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 24,005 shares of the company’s stock worth $93,000 after acquiring an additional 3,005 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Biomea Fusion by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 601,479 shares of the company’s stock valued at $6,076,000 after purchasing an additional 4,291 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Biomea Fusion by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 12,914 shares of the company’s stock worth $50,000 after purchasing an additional 4,399 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Biomea Fusion by 27.6% during the 4th quarter. JPMorgan Chase & Co. now owns 22,535 shares of the company’s stock worth $87,000 after buying an additional 4,868 shares during the last quarter. Finally, Barclays PLC raised its stake in Biomea Fusion by 18.4% in the fourth quarter. Barclays PLC now owns 46,904 shares of the company’s stock valued at $182,000 after buying an additional 7,284 shares during the last quarter. 96.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BMEA has been the topic of several recent analyst reports. Oppenheimer set a $10.00 price objective on shares of Biomea Fusion in a report on Monday, March 24th. HC Wainwright reaffirmed a “buy” rating and issued a $40.00 price target on shares of Biomea Fusion in a report on Monday, March 31st. D. Boral Capital reissued a “buy” rating and set a $16.00 price objective on shares of Biomea Fusion in a report on Wednesday, March 19th. Finally, Barclays cut their target price on Biomea Fusion from $11.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 2nd. 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. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $23.91.

Biomea Fusion Price Performance

BMEA opened at $2.20 on Wednesday. The firm has a fifty day moving average price of $2.33 and a 200 day moving average price of $4.80. Biomea Fusion, Inc. has a 1 year low of $1.53 and a 1 year high of $13.43. The stock has a market cap of $82.66 million, a P/E ratio of -0.55 and a beta of -0.07.

Biomea Fusion (NASDAQ:BMEA) last posted its earnings results on Monday, March 31st. The company reported ($0.81) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.00) by $0.19. Equities analysts expect 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.