Renaissance Technologies LLC Raises Stock Position in Biomea Fusion, Inc. (NASDAQ:BMEA)

Renaissance Technologies LLC raised its holdings in Biomea Fusion, Inc. (NASDAQ:BMEA - Free Report) by 317.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 343,732 shares of the company's stock after purchasing an additional 261,432 shares during the period. Renaissance Technologies LLC owned 0.95% of Biomea Fusion worth $1,334,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of BMEA. PNC Financial Services Group Inc. lifted its stake in Biomea Fusion by 14.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 24,005 shares of the company's stock valued at $93,000 after buying an additional 3,005 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Biomea Fusion by 0.7% in the third quarter. Geode Capital Management LLC now owns 601,479 shares of the company's stock worth $6,076,000 after acquiring an additional 4,291 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Biomea Fusion by 51.7% in the fourth 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 in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Biomea Fusion by 27.6% during the fourth quarter. JPMorgan Chase & Co. now owns 22,535 shares of the company's stock valued at $87,000 after acquiring an additional 4,868 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in Biomea Fusion during the 4th quarter worth about $54,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Oppenheimer set a $10.00 target price on shares of Biomea Fusion in a report on Monday, March 24th. HC Wainwright reissued a "buy" rating and set a $40.00 price objective on shares of Biomea Fusion in a research note on Monday, March 31st. Barclays lowered their target price 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 set a $16.00 price target on shares of Biomea Fusion in a research note on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $23.91.

Biomea Fusion Stock Up 7.4 %

Shares of NASDAQ BMEA traded up $0.15 during trading on Friday, hitting $2.18. 678,955 shares of the company traded hands, compared to its average volume of 906,039. The firm has a market capitalization of $81.91 million, a P/E ratio of -0.54 and a beta of -0.07. The company has a 50-day moving average price of $2.27 and a 200-day moving average price of $4.61. Biomea Fusion, Inc. has a 1 year low of $1.53 and a 1 year high of $13.43.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last posted 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. Research analysts predict that Biomea Fusion, Inc. will post -3.93 EPS for the current fiscal year.

Biomea Fusion 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.