Biomea Fusion (NASDAQ:BMEA) Posts Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Biomea Fusion (NASDAQ:BMEA) released its quarterly earnings data on Monday. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.07, FiscalAI reports.

Biomea Fusion Stock Up 1.9%

Shares of BMEA stock traded up $0.03 on Monday, reaching $1.57. The company’s stock had a trading volume of 1,554,590 shares, compared to its average volume of 1,419,286. Biomea Fusion has a 12-month low of $0.87 and a 12-month high of $3.08. The company has a market capitalization of $113.51 million, a P/E ratio of -1.20 and a beta of -0.32. The stock’s 50 day simple moving average is $1.54 and its 200-day simple moving average is $1.38.

Institutional Investors Weigh In On Biomea Fusion

A number of institutional investors and hedge funds have recently made changes to their positions in BMEA. Scientech Research LLC purchased a new stake in shares of Biomea Fusion in the third quarter worth $25,000. Engineers Gate Manager LP purchased a new stake in shares of Biomea Fusion in the second quarter worth $26,000. Millennium Management LLC raised its position in shares of Biomea Fusion by 156.7% in the fourth quarter. Millennium Management LLC now owns 25,677 shares of the company’s stock worth $32,000 after buying an additional 15,675 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Biomea Fusion in the third quarter worth $39,000. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Biomea Fusion during the 4th quarter valued at $54,000. Hedge funds and other institutional investors own 96.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Citizens Jmp initiated coverage on Biomea Fusion in a report on Tuesday, May 5th. They set a “market outperform” rating and a $9.00 target price for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Biomea Fusion in a report on Monday, April 20th. Rodman & Renshaw assumed coverage on shares of Biomea Fusion in a research note on Tuesday, January 13th. They set a “buy” rating and a $8.00 price objective for the company. Wall Street Zen raised shares of Biomea Fusion from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Finally, Citigroup began coverage on shares of Biomea Fusion in a research note on Tuesday, May 5th. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $8.29.

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.