Baker BROS. Advisors LP Sells 656,959 Shares of Biomea Fusion, Inc. (NASDAQ:BMEA)

Baker BROS. Advisors LP lessened its position in Biomea Fusion, Inc. (NASDAQ:BMEA) by 31.2% during the fourth quarter, Holdings Channel reports. The fund owned 1,451,990 shares of the company’s stock after selling 656,959 shares during the period. Baker BROS. Advisors LP’s holdings in Biomea Fusion were worth $5,634,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its position in shares of Biomea Fusion by 14.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 24,005 shares of the company’s stock valued at $93,000 after purchasing an additional 3,005 shares during the last quarter. Geode Capital Management LLC boosted its stake in 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 buying an additional 4,291 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Biomea Fusion by 51.7% in the fourth quarter. Wells Fargo & Company MN now owns 12,914 shares of the company’s stock worth $50,000 after buying an additional 4,399 shares in the last quarter. JPMorgan Chase & Co. grew its position in 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, Barclays PLC raised its stake in shares of Biomea Fusion by 18.4% during the fourth quarter. Barclays PLC now owns 46,904 shares of the company’s stock worth $182,000 after acquiring an additional 7,284 shares in the last quarter. Hedge funds and other institutional investors own 96.72% of the company’s stock.

Biomea Fusion Price Performance

Shares of NASDAQ:BMEA opened at $2.18 on Friday. The stock’s 50-day moving average is $2.27 and its 200 day moving average is $4.61. The company has a market cap of $81.91 million, a PE ratio of -0.54 and a beta of -0.07. Biomea Fusion, Inc. has a 1 year low of $1.53 and a 1 year high of $13.43.

Biomea Fusion (NASDAQ:BMEA) last posted its earnings results on Monday, March 31st. The company reported ($0.81) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.00) by $0.19. Analysts expect that Biomea Fusion, Inc. will post -3.93 EPS for the current fiscal year.

Analyst Ratings Changes

BMEA has been the subject of a number of research reports. D. Boral Capital reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Biomea Fusion in a research note on Wednesday, March 19th. Barclays lowered 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. Oppenheimer set a $10.00 price objective on Biomea Fusion in a research note on Monday, March 24th. Finally, HC Wainwright reissued a “buy” rating and issued a $40.00 target price on shares of Biomea Fusion in a research note on Monday, March 31st. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $24.80.

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.