Oppenheimer & Co. Inc. Sells 3,953 Shares of Biomea Fusion, Inc. (NASDAQ:BMEA)

Oppenheimer & Co. Inc. cut its holdings in Biomea Fusion, Inc. (NASDAQ:BMEA) by 4.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 87,569 shares of the company’s stock after selling 3,953 shares during the quarter. Oppenheimer & Co. Inc. owned about 0.24% of Biomea Fusion worth $884,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Griffin Asset Management Inc. increased its stake in Biomea Fusion by 147.0% in the third quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock valued at $970,000 after purchasing an additional 57,180 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in Biomea Fusion during the 2nd quarter worth $237,000. Vanguard Group Inc. lifted its holdings in Biomea Fusion by 1.2% during the first quarter. Vanguard Group Inc. now owns 1,365,625 shares of the company’s stock worth $20,416,000 after acquiring an additional 15,626 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Biomea Fusion in the second quarter valued at about $1,481,000. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Biomea Fusion by 62.6% in the third quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company’s stock worth $212,000 after acquiring an additional 8,079 shares in the last quarter. 96.72% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Michael J.M. Hitchcock bought 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average cost of $10.06 per share, for a total transaction of $100,600.00. Following the purchase, the director now owns 15,000 shares of the company’s stock, valued at approximately $150,900. This trade represents a 200.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 27.57% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BMEA shares. HC Wainwright reiterated a “buy” rating and set a $40.00 price objective on shares of Biomea Fusion in a report on Thursday, October 31st. Barclays upped their price target on shares of Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. 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. Capital One Financial began coverage on shares of Biomea Fusion in a research note on Thursday, August 29th. They issued an “overweight” rating and a $25.00 target price for the company. Finally, Piper Sandler lifted their price target on Biomea Fusion from $10.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $30.50.

Biomea Fusion Stock Performance

Shares of NASDAQ BMEA opened at $6.42 on Wednesday. The stock has a 50 day moving average price of $9.48 and a 200 day moving average price of $8.01. The stock has a market capitalization of $232.65 million, a PE ratio of -1.60 and a beta of -0.41. Biomea Fusion, Inc. has a 52 week low of $3.61 and a 52 week high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last released its earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share for the quarter, beating the consensus estimate of ($0.94) by $0.03. As a group, research analysts forecast that Biomea Fusion, Inc. will post -3.93 EPS 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.