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

Baker BROS. Advisors LP cut its holdings in shares of Biomea Fusion, Inc. (NASDAQ:BMEA - Free Report) by 31.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,451,990 shares of the company's stock after selling 656,959 shares during the period. Baker BROS. Advisors LP owned about 4.01% of Biomea Fusion worth $5,634,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Renaissance Technologies LLC increased its stake in Biomea Fusion by 317.7% during the 4th quarter. Renaissance Technologies LLC now owns 343,732 shares of the company's stock worth $1,334,000 after buying an additional 261,432 shares during the period. Walleye Capital LLC acquired a new position in shares of Biomea Fusion in the fourth quarter worth $914,000. Federated Hermes Inc. purchased a new stake in shares of Biomea Fusion during the fourth quarter worth $463,000. Jump Financial LLC acquired a new stake in shares of Biomea Fusion in the fourth quarter valued at $383,000. Finally, Wellington Management Group LLP purchased a new position in Biomea Fusion in the fourth quarter valued at $317,000. Institutional investors and hedge funds own 96.72% of the company's stock.

Biomea Fusion Stock Performance

BMEA stock traded up $0.01 during midday trading on Wednesday, reaching $1.68. 1,131,765 shares of the company were exchanged, compared to its average volume of 910,582. The stock's 50-day simple moving average is $2.20 and its 200 day simple moving average is $4.46. Biomea Fusion, Inc. has a 1-year low of $1.53 and a 1-year high of $13.43. The company has a market cap of $62.93 million, a price-to-earnings ratio of -0.42 and a beta of -0.07.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported ($0.80) earnings per share for the quarter, beating analysts' consensus estimates of ($0.84) by $0.04. On average, research analysts anticipate that Biomea Fusion, Inc. will post -3.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on BMEA shares. Oppenheimer set a $10.00 price target on Biomea Fusion in a report on Monday, March 24th. HC Wainwright reduced their target price on shares of Biomea Fusion from $40.00 to $18.00 and set a "buy" rating on the stock in a report on Tuesday. Barclays decreased their price target on shares of Biomea Fusion from $11.00 to $3.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 2nd. Finally, D. Boral Capital reissued a "buy" rating and issued a $16.00 price objective on shares of Biomea Fusion in a research report on Tuesday. One 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 company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $22.60.

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.