Two Sigma Advisers LP Purchases 341,900 Shares of Biomea Fusion, Inc. (NASDAQ:BMEA)

Two Sigma Advisers LP lifted its stake in Biomea Fusion, Inc. (NASDAQ:BMEA - Free Report) by 290.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 459,500 shares of the company's stock after purchasing an additional 341,900 shares during the quarter. Two Sigma Advisers LP owned 1.27% of Biomea Fusion worth $1,783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. Two Sigma Investments LP increased its stake in Biomea Fusion by 104.4% in the 4th quarter. Two Sigma Investments LP now owns 559,930 shares of the company's stock valued at $2,173,000 after buying an additional 286,049 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Biomea Fusion by 317.7% during the 4th quarter. Renaissance Technologies LLC now owns 343,732 shares of the company's stock valued at $1,334,000 after acquiring an additional 261,432 shares in the last quarter. Northern Trust Corp increased its stake in shares of Biomea Fusion by 3.9% in the fourth quarter. Northern Trust Corp now owns 322,650 shares of the company's stock worth $1,252,000 after acquiring an additional 12,210 shares during the last quarter. Walleye Capital LLC acquired a new position in shares of Biomea Fusion in the fourth quarter worth $914,000. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in shares of Biomea Fusion during the fourth quarter worth $766,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.

Biomea Fusion Price Performance

NASDAQ:BMEA traded up $0.69 during midday trading on Tuesday, reaching $2.24. The stock had a trading volume of 11,146,011 shares, compared to its average volume of 996,224. The stock has a market capitalization of $83.97 million, a P/E ratio of -0.56 and a beta of -0.07. Biomea Fusion, Inc. has a 1-year low of $1.29 and a 1-year high of $13.07. The firm's fifty day simple moving average is $1.80 and its 200-day simple moving average is $3.38.

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BMEA. Oppenheimer set a $10.00 target price on Biomea Fusion in a research report on Monday, March 24th. HC Wainwright dropped their price objective on Biomea Fusion from $40.00 to $18.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Barclays reduced 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. D. Boral Capital restated a "buy" rating and set a $16.00 price target on shares of Biomea Fusion in a research note on Thursday, May 15th. Finally, Piper Sandler began coverage on shares of Biomea Fusion in a report on Tuesday. They set an "overweight" rating and a $7.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $21.40.

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.