Griffin Asset Management Inc. Purchases 57,180 Shares of Biomea Fusion, Inc. (NASDAQ:BMEA)

Griffin Asset Management Inc. increased its position in Biomea Fusion, Inc. (NASDAQ:BMEA - Free Report) by 147.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 96,070 shares of the company's stock after buying an additional 57,180 shares during the quarter. Griffin Asset Management Inc. owned 0.27% of Biomea Fusion worth $970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. lifted its position in Biomea Fusion by 66.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 6,862 shares of the company's stock valued at $103,000 after purchasing an additional 2,731 shares during the last quarter. Centaurus Financial Inc. bought a new stake in Biomea Fusion in the fourth quarter valued at approximately $102,000. PNC Financial Services Group Inc. bought a new stake in Biomea Fusion in the fourth quarter valued at approximately $116,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Biomea Fusion in the second quarter valued at approximately $36,000. Finally, High Net Worth Advisory Group LLC bought a new stake in Biomea Fusion in the second quarter valued at approximately $45,000. Institutional investors own 96.72% of the company's stock.

Insider Transactions at Biomea Fusion

In related news, Director Michael J.M. Hitchcock bought 10,000 shares of the business's stock in a transaction dated Monday, September 30th. The shares were purchased at an average cost of $10.06 per share, with a total value of $100,600.00. Following the completion of the purchase, the director now owns 15,000 shares in the company, valued at approximately $150,900. The trade was a 200.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 27.57% of the company's stock.

Analyst Upgrades and Downgrades

BMEA has been the subject of several recent research reports. HC Wainwright boosted their price objective on Biomea Fusion from $15.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, September 27th. RODMAN&RENSHAW raised Biomea Fusion to a "strong-buy" rating in a research note on Thursday, September 26th. Scotiabank boosted their target price on Biomea Fusion from $21.00 to $41.00 and gave the company a "sector outperform" rating in a research note on Friday, September 27th. Rodman & Renshaw raised Biomea Fusion from a "neutral" rating to a "buy" rating and set a $18.00 target price on the stock in a research note on Thursday, September 26th. Finally, EF Hutton Acquisition Co. I raised Biomea Fusion to a "strong-buy" rating in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $29.40.

Biomea Fusion Price Performance

BMEA stock traded up $0.54 during midday trading on Wednesday, hitting $11.51. The stock had a trading volume of 597,937 shares, compared to its average volume of 1,034,862. The firm has a market cap of $413.73 million, a price-to-earnings ratio of -3.15 and a beta of -0.43. The business has a 50-day moving average of $8.07 and a two-hundred day moving average of $8.45. Biomea Fusion, Inc. has a 52-week low of $3.61 and a 52-week high of $22.74.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($1.03) earnings per share for the quarter, hitting the consensus estimate of ($1.03). Research analysts predict that Biomea Fusion, Inc. will post -4.09 earnings per share for the current year.

Biomea Fusion Profile

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.