Renaissance Technologies LLC Grows Position in Biomea Fusion, Inc. $BMEA

Key Points

• Renaissance Technologies increased its Biomea Fusion stake by 174.3% in the first quarter, adding 834,179 shares to hold 1.31 million shares, or about 1.82% of the company.
• Institutional ownership remains very high at 96.72%, with several hedge funds recently initiating or expanding positions in BMEA.
• Analyst sentiment is generally positive, with an overall “Moderate Buy” rating and an $8.20 consensus price target, despite the stock trading near $1.29 and the company continuing to report losses.

Renaissance Technologies LLC raised its stake in shares of Biomea Fusion, Inc. (NASDAQ:BMEA - Free Report) by 174.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,312,798 shares of the company's stock after acquiring an additional 834,179 shares during the period. Renaissance Technologies LLC owned about 1.82% of Biomea Fusion worth $2,009,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of BMEA. Scientech Research LLC bought a new stake in shares of Biomea Fusion in the 3rd quarter worth $25,000. Engineers Gate Manager LP bought a new position in shares of Biomea Fusion during the second quarter valued at about $26,000. Virtu Financial LLC bought a new position in shares of Biomea Fusion during the third quarter valued at about $39,000. Millennium Management LLC boosted its holdings in Biomea Fusion by 156.7% during the fourth quarter. Millennium Management LLC now owns 25,677 shares of the company's stock worth $32,000 after purchasing an additional 15,675 shares during the last quarter. Finally, ADAR1 Capital Management LLC purchased a new position in Biomea Fusion during the fourth quarter worth about $54,000. 96.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BMEA has been the subject of several analyst reports. D. Boral Capital reiterated a "buy" rating and issued a $12.00 price objective on shares of Biomea Fusion in a research note on Tuesday, April 28th. Wall Street Zen downgraded Biomea Fusion from a "hold" rating to a "sell" rating in a research note on Saturday, May 30th. Citigroup assumed coverage on Biomea Fusion in a report on Tuesday, May 5th. They issued an "outperform" rating for the company. Weiss Ratings downgraded Biomea Fusion from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, July 1st. Finally, Citizens Jmp began coverage on Biomea Fusion in a report on Tuesday, May 5th. They set a "market outperform" rating and a $9.00 price target on the stock. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $8.20.

Biomea Fusion Stock Performance

Shares of NASDAQ BMEA opened at $1.29 on Wednesday. The stock has a market cap of $93.50 million, a PE ratio of -4.45 and a beta of -0.28. Biomea Fusion, Inc. has a fifty-two week low of $0.87 and a fifty-two week high of $2.99. The stock has a fifty day moving average of $1.27 and a 200-day moving average of $1.38.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.22) by $0.10. On average, sell-side analysts predict that Biomea Fusion, Inc. will post -0.75 EPS for the current year.

Biomea Fusion Profile

Biomea Fusion, Inc NASDAQ: BMEA is a clinical‐stage biopharmaceutical company headquartered in Carlsbad, California. The company is dedicated to the discovery and development of small molecule therapies that target epigenetic regulators implicated in cancer. By leveraging a proprietary chemistry and drug discovery platform, Biomea Fusion aims to design precision medicines that modulate gene expression pathways involved in the initiation and progression of hematological malignancies and solid tumors.

The company's lead clinical asset, BMF-219, is an orally bioavailable inhibitor of the menin–mixed‐lineage leukemia (MLL) protein–protein interaction.

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