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

Griffin Asset Management Inc. grew its position in Biomea Fusion, Inc. (NASDAQ:BMEA) by 147.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 96,070 shares of the company’s stock after purchasing an additional 57,180 shares during the quarter. Griffin Asset Management Inc.’s holdings in Biomea Fusion were worth $970,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Biomea Fusion during the second quarter worth $36,000. High Net Worth Advisory Group LLC bought a new position in Biomea Fusion during the second quarter worth $45,000. Scientech Research LLC bought a new position in Biomea Fusion during the second quarter worth $46,000. DRW Securities LLC bought a new position in Biomea Fusion during the second quarter worth $55,000. Finally, Centaurus Financial Inc. bought a new position in Biomea Fusion during the fourth quarter worth $102,000. Institutional investors own 96.72% of the company’s stock.

Wall Street Analyst Weigh In

BMEA has been the topic of a number of research reports. Capital One Financial initiated coverage on shares of Biomea Fusion in a research report on Thursday, August 29th. They set an “overweight” rating and a $25.00 target price on the stock. Rodman & Renshaw raised shares of Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 target price on the stock in a research report on Thursday, September 26th. Truist Financial raised shares of Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research report on Friday, September 27th. HC Wainwright lifted their price target on shares of Biomea Fusion from $15.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. Finally, Scotiabank lifted their price target on shares of Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a research note on Friday, September 27th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Biomea Fusion currently has a consensus rating of “Buy” and an average price target of $29.40.

Biomea Fusion Stock Performance

Shares of NASDAQ:BMEA opened at $10.97 on Wednesday. Biomea Fusion, Inc. has a 52 week low of $3.61 and a 52 week high of $22.74. The company’s fifty day moving average is $8.07 and its 200-day moving average is $8.45. The company has a market capitalization of $394.32 million, a PE ratio of -3.07 and a beta of -0.43.

Biomea Fusion (NASDAQ:BMEA) last issued its earnings results on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, meeting the consensus estimate of ($1.03). On average, analysts forecast that Biomea Fusion, Inc. will post -4.09 EPS for the current year.

Insider Activity

In other news, Director Michael J.M. Hitchcock bought 10,000 shares of Biomea Fusion stock in a transaction dated Monday, September 30th. The shares were bought at an average price of $10.06 per share, for a total transaction of $100,600.00. Following the purchase, the director now owns 15,000 shares of the company’s stock, valued at approximately $150,900. This trade represents a 200.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 27.57% of the stock is owned by corporate insiders.

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.