Biomea Fusion (NASDAQ:BMEA) Announces Earnings Results, Beats Estimates By $0.10 EPS

Biomea Fusion (NASDAQ:BMEA) announced its quarterly earnings data on Wednesday. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.10, FiscalAI reports.

Biomea Fusion Trading Up 2.4%

NASDAQ:BMEA traded up $0.03 during trading hours on Wednesday, reaching $1.26. The company had a trading volume of 397,538 shares, compared to its average volume of 1,215,010. The firm has a market cap of $91.10 million, a price-to-earnings ratio of -1.85 and a beta of -0.28. The firm’s 50 day moving average price is $1.28 and its 200-day moving average price is $1.38. Biomea Fusion has a 52 week low of $0.87 and a 52 week high of $2.99.

Analysts Set New Price Targets

Several brokerages recently weighed in on BMEA. Wall Street Zen downgraded shares of Biomea Fusion from a “hold” rating to a “sell” rating in a research report on Saturday, May 30th. Citigroup initiated coverage on Biomea Fusion in a research note on Tuesday, May 5th. They set an “outperform” rating on the stock. Citizens Jmp started coverage on Biomea Fusion in a report on Tuesday, May 5th. They issued a “market outperform” rating and a $9.00 target price for the company. Weiss Ratings cut Biomea Fusion from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, July 1st. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $12.00 price target on shares of Biomea Fusion in a report on Tuesday, April 28th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $8.50.

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors and hedge funds have recently modified their holdings of BMEA. Vanguard Group Inc. grew its holdings in shares of Biomea Fusion by 15.4% in the third quarter. Vanguard Group Inc. now owns 2,170,066 shares of the company’s stock worth $4,384,000 after acquiring an additional 290,376 shares during the period. Marshall Wace LLP boosted its position in Biomea Fusion by 293.7% in the fourth quarter. Marshall Wace LLP now owns 1,160,351 shares of the company’s stock worth $1,439,000 after purchasing an additional 865,618 shares during the last quarter. Mariner LLC grew its stake in shares of Biomea Fusion by 145.1% during the 4th quarter. Mariner LLC now owns 585,632 shares of the company’s stock valued at $726,000 after purchasing an additional 346,702 shares during the period. Two Sigma Investments LP grew its stake in shares of Biomea Fusion by 61.0% during the 3rd quarter. Two Sigma Investments LP now owns 562,968 shares of the company’s stock valued at $1,137,000 after purchasing an additional 213,321 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Biomea Fusion by 26.0% during the 4th quarter. Geode Capital Management LLC now owns 562,898 shares of the company’s stock valued at $698,000 after purchasing an additional 116,024 shares during the last quarter. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

Biomea Fusion Company Profile

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.