Biomea Fusion (NASDAQ:BMEA) Shares Down 3% – Here’s Why

Shares of Biomea Fusion, Inc. (NASDAQ:BMEA) were down 3% during trading on Wednesday . The stock traded as low as $1.26 and last traded at $1.31. Approximately 656,208 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 1,265,224 shares. The stock had previously closed at $1.35.

Wall Street Analysts Forecast Growth

BMEA has been the subject of a number of recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Biomea Fusion in a research note on Wednesday, January 21st. D. Boral Capital reissued a “buy” rating and issued a $12.00 target price on shares of Biomea Fusion in a research note on Tuesday, January 13th. Rodman & Renshaw started coverage on shares of Biomea Fusion in a research report on Tuesday, January 13th. They issued a “buy” rating and a $8.00 price target for the company. Finally, Citigroup decreased their price objective on Biomea Fusion from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Monday, November 10th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $8.78.

Biomea Fusion Stock Performance

The firm has a market cap of $92.62 million, a price-to-earnings ratio of -0.55 and a beta of -0.16. The business’s 50-day moving average is $1.32 and its 200-day moving average is $1.52.

Insider Buying and Selling at Biomea Fusion

In other news, insider Rainer M. Erdtmann bought 30,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was bought at an average price of $1.43 per share, for a total transaction of $42,900.00. Following the completion of the purchase, the insider owned 723,027 shares of the company’s stock, valued at approximately $1,033,928.61. The trade was a 4.33% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 18.42% of the company’s stock.

Institutional Investors Weigh In On Biomea Fusion

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC raised its position in Biomea Fusion by 26.0% in the 4th quarter. Geode Capital Management LLC now owns 562,898 shares of the company’s stock valued at $698,000 after purchasing an additional 116,024 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Biomea Fusion in the fourth quarter valued at about $783,000. XTX Topco Ltd lifted its position in Biomea Fusion by 77.1% during the 3rd quarter. XTX Topco Ltd now owns 265,303 shares of the company’s stock worth $536,000 after buying an additional 115,524 shares in the last quarter. Scientech Research LLC acquired a new position in Biomea Fusion during the 3rd quarter worth about $25,000. Finally, Mariner LLC bought a new stake in Biomea Fusion during the 3rd quarter worth about $483,000. 96.72% of the stock is owned by institutional investors and hedge funds.

About Biomea Fusion

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.