Adage Capital Partners GP L.L.C. Reduces Stock Holdings in Biomea Fusion, Inc. (NASDAQ:BMEA)

Adage Capital Partners GP L.L.C. lowered its stake in Biomea Fusion, Inc. (NASDAQ:BMEA - Free Report) by 44.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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. owned 1.38% of Biomea Fusion worth $1,940,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its stake 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 purchasing an additional 4,399 shares in the last quarter. Intech Investment Management LLC purchased a new stake in Biomea Fusion in the fourth quarter worth about $54,000. SG Americas Securities LLC bought a new stake in Biomea Fusion during the 4th quarter valued at approximately $58,000. Maia Wealth LLC purchased a new position in shares of Biomea Fusion during the 4th quarter worth approximately $62,000. Finally, JPMorgan Chase & Co. raised its position in shares of Biomea Fusion by 27.6% in the 4th quarter. JPMorgan Chase & Co. now owns 22,535 shares of the company's stock worth $87,000 after acquiring an additional 4,868 shares in the last quarter. 96.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on BMEA. Barclays lowered their price objective on Biomea Fusion from $11.00 to $3.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 2nd. D. Boral Capital reiterated a "buy" rating and set a $16.00 target price on shares of Biomea Fusion in a report on Wednesday, March 19th. HC Wainwright restated a "buy" rating and issued a $40.00 price target on shares of Biomea Fusion in a research note on Monday, March 31st. Finally, Oppenheimer set a $10.00 price objective on Biomea Fusion in a research report on Monday, March 24th. One analyst has rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $24.80.

Biomea Fusion Price Performance

Shares of Biomea Fusion stock traded down $0.16 during trading on Monday, hitting $2.03. 99,032 shares of the company's stock traded hands, compared to its average volume of 902,856. Biomea Fusion, Inc. has a 1 year low of $1.53 and a 1 year high of $13.43. The business has a 50-day simple moving average of $2.27 and a 200-day simple moving average of $4.56. The stock has a market capitalization of $76.08 million, a P/E ratio of -0.50 and a beta of -0.07.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last announced its quarterly earnings results on Monday, March 31st. The company reported ($0.81) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.00) by $0.19. On average, equities analysts predict that Biomea Fusion, Inc. will post -3.93 earnings per share for the current fiscal 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.