iA Global Asset Management Inc. Acquires New Position in Biomea Fusion, Inc. (NASDAQ:BMEA)

iA Global Asset Management Inc. acquired a new stake in Biomea Fusion, Inc. (NASDAQ:BMEA) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 38,610 shares of the company’s stock, valued at approximately $174,000. iA Global Asset Management Inc. owned 0.11% of Biomea Fusion as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in BMEA. Bank of New York Mellon Corp lifted its position in shares of Biomea Fusion by 46.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company’s stock valued at $420,000 after acquiring an additional 29,400 shares during the period. High Net Worth Advisory Group LLC acquired a new stake in shares of Biomea Fusion during the 2nd quarter valued at approximately $45,000. SG Americas Securities LLC lifted its position in shares of Biomea Fusion by 90.8% during the 2nd quarter. SG Americas Securities LLC now owns 59,009 shares of the company’s stock valued at $266,000 after acquiring an additional 28,085 shares during the period. Bayesian Capital Management LP acquired a new stake in shares of Biomea Fusion during the 1st quarter valued at approximately $404,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Biomea Fusion by 0.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 177,602 shares of the company’s stock valued at $2,656,000 after acquiring an additional 1,028 shares during the period. Institutional investors and hedge funds own 96.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on BMEA shares. Oppenheimer dropped their price objective on shares of Biomea Fusion from $70.00 to $60.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. Scotiabank lowered their target price on shares of Biomea Fusion from $41.00 to $21.00 and set a “sector outperform” rating for the company in a research note on Friday, June 7th. Piper Sandler lowered their target price on shares of Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating for the company in a research note on Friday, June 7th. Barclays cut shares of Biomea Fusion from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $30.00 to $5.00 in a research note on Friday, June 7th. Finally, Truist Financial cut shares of Biomea Fusion from a “buy” rating to a “hold” rating in a research note on Tuesday, June 11th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Biomea Fusion presently has an average rating of “Moderate Buy” and an average price target of $25.33.

Biomea Fusion Stock Down 3.8 %

Shares of NASDAQ BMEA opened at $7.33 on Friday. Biomea Fusion, Inc. has a 52-week low of $3.61 and a 52-week high of $22.74. The firm has a fifty day moving average of $5.61 and a 200-day moving average of $10.19. The stock has a market capitalization of $263.48 million, a PE ratio of -2.05 and a beta of -0.52.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($1.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.03). Equities research analysts expect that Biomea Fusion, Inc. will post -4.09 EPS for the current fiscal year.

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.