Baker BROS. Advisors LP Lowers Position in Biomea Fusion, Inc. (NASDAQ:BMEA)

Baker BROS. Advisors LP trimmed its holdings in shares of Biomea Fusion, Inc. (NASDAQ:BMEA) by 31.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,451,990 shares of the company’s stock after selling 656,959 shares during the quarter. Baker BROS. Advisors LP owned 4.01% of Biomea Fusion worth $5,634,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Bayesian Capital Management LP purchased a new stake in Biomea Fusion during the fourth quarter worth about $42,000. Wells Fargo & Company MN grew its position in shares of Biomea Fusion by 51.7% during the 4th quarter. Wells Fargo & Company MN now owns 12,914 shares of the company’s stock valued at $50,000 after acquiring an additional 4,399 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Biomea Fusion during the 4th quarter worth approximately $54,000. Maia Wealth LLC bought a new stake in shares of Biomea Fusion in the 4th quarter worth approximately $62,000. Finally, SG Americas Securities LLC purchased a new position in Biomea Fusion in the fourth quarter valued at approximately $58,000. 96.72% of the stock is currently owned by institutional investors.

Biomea Fusion Trading Up 7.4 %

Biomea Fusion stock opened at $2.18 on Friday. Biomea Fusion, Inc. has a 1-year low of $1.53 and a 1-year high of $13.43. The firm has a market capitalization of $81.91 million, a PE ratio of -0.54 and a beta of -0.07. The firm’s 50 day simple moving average is $2.27 and its 200 day simple moving average is $4.61.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings data on Monday, March 31st. The company reported ($0.81) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.19. Research analysts forecast that Biomea Fusion, Inc. will post -3.93 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on BMEA shares. Oppenheimer set a $10.00 target price on Biomea Fusion in a research report on Monday, March 24th. HC Wainwright restated a “buy” rating and issued a $40.00 price objective on shares of Biomea Fusion in a research note on Monday, March 31st. D. Boral Capital reiterated a “buy” rating and set a $16.00 target price on shares of Biomea Fusion in a research report on Wednesday, March 19th. Finally, Barclays lowered their price target on shares of 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. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Biomea Fusion currently has an average rating of “Buy” and a consensus target price of $24.80.

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.