Biomea Fusion (NASDAQ:BMEA) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Biomea Fusion (NASDAQ:BMEA) released its quarterly earnings results on Tuesday. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.32) by $0.05, Zacks reports.

Biomea Fusion Stock Down 4.5%

Shares of BMEA stock traded down $0.06 on Tuesday, reaching $1.26. The company had a trading volume of 1,215,006 shares, compared to its average volume of 1,497,399. The stock has a market capitalization of $74.98 million, a PE ratio of -0.42 and a beta of -0.16. Biomea Fusion has a one year low of $1.24 and a one year high of $9.34. The business’s 50-day moving average is $1.81 and its 200 day moving average is $1.84.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Citigroup decreased their price target on shares of Biomea Fusion from $9.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. D. Boral Capital reiterated a “buy” rating and set a $16.00 price objective on shares of Biomea Fusion in a research note on Monday, October 27th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Biomea Fusion in a research note on Wednesday, October 8th. Jefferies Financial Group initiated coverage on shares of Biomea Fusion in a research note on Thursday, August 28th. They set a “buy” rating and a $5.00 price objective on the stock. Finally, Scotiabank reduced their price objective on shares of Biomea Fusion from $30.00 to $10.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Biomea Fusion has an average rating of “Moderate Buy” and an average price target of $9.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BMEA. AQR Capital Management LLC lifted its holdings in shares of Biomea Fusion by 670.5% in the first quarter. AQR Capital Management LLC now owns 264,028 shares of the company’s stock worth $562,000 after acquiring an additional 229,763 shares during the last quarter. Bridgeway Capital Management LLC lifted its holdings in shares of Biomea Fusion by 99.2% in the second quarter. Bridgeway Capital Management LLC now owns 70,300 shares of the company’s stock worth $127,000 after acquiring an additional 35,000 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new position in shares of Biomea Fusion in the second quarter worth about $26,000. Institutional investors own 96.72% of the company’s stock.

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.