Grove Bank & Trust Acquires New Holdings in Biomea Fusion, Inc. (NASDAQ:BMEA)

Grove Bank & Trust acquired a new stake in Biomea Fusion, Inc. (NASDAQ:BMEA) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 3,863 shares of the company’s stock, valued at approximately $56,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. lifted its stake in Biomea Fusion by 348.5% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 4,131 shares of the company’s stock valued at $60,000 after purchasing an additional 3,210 shares during the last quarter. Griffin Asset Management Inc. bought a new position in Biomea Fusion in the 4th quarter valued at approximately $395,000. Exchange Traded Concepts LLC lifted its stake in Biomea Fusion by 34.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 9,248 shares of the company’s stock valued at $134,000 after purchasing an additional 2,345 shares during the last quarter. Vanguard Group Inc. lifted its stake in Biomea Fusion by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,339,428 shares of the company’s stock valued at $18,431,000 after purchasing an additional 21,835 shares during the last quarter. Finally, Citigroup Inc. lifted its stake in Biomea Fusion by 113.8% in the 3rd quarter. Citigroup Inc. now owns 116,134 shares of the company’s stock valued at $1,598,000 after purchasing an additional 61,810 shares during the last quarter. Institutional investors own 96.72% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on BMEA shares. Truist Financial reaffirmed a “buy” rating and set a $55.00 price target on shares of Biomea Fusion in a research note on Monday, April 1st. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price target on shares of Biomea Fusion in a research note on Wednesday, April 3rd. HC Wainwright reaffirmed a “buy” rating and set a $50.00 price target on shares of Biomea Fusion in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $14.00 price target (down previously from $51.00) on shares of Biomea Fusion in a research note on Tuesday, April 2nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.13.

Biomea Fusion Price Performance

BMEA stock opened at $12.51 on Tuesday. Biomea Fusion, Inc. has a 1-year low of $8.13 and a 1-year high of $43.69. The stock has a 50-day moving average price of $15.93 and a 200-day moving average price of $14.19.

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, an orally bioavailable, potent, and selective covalent inhibitor of menin for treating patients with liquid and solid tumors and type 2 diabetes.