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

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

Biomea Fusion Stock Performance

NASDAQ:BMEA traded up $0.03 during trading hours 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. The firm has a market capitalization of $113.51 million, a price-to-earnings ratio of -1.20 and a beta of -0.32. The firm has a 50-day simple moving average of $1.54 and a 200-day simple moving average of $1.38. Biomea Fusion has a 1 year low of $0.87 and a 1 year high of $3.08.

Analysts Set New Price Targets

Several analysts have recently weighed in on BMEA shares. Citigroup started coverage on shares of Biomea Fusion in a research report on Tuesday, May 5th. They set an “outperform” rating on the stock. D. Boral Capital restated a “buy” rating and set a $12.00 price objective on shares of Biomea Fusion in a research report on Tuesday, April 28th. Citizens Jmp started coverage on shares of Biomea Fusion in a research report on Tuesday, May 5th. They set a “market outperform” rating and a $9.00 price objective on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Biomea Fusion in a research report on Monday, April 20th. Finally, Wall Street Zen upgraded shares of Biomea Fusion from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $8.29.

Hedge Funds Weigh In On Biomea Fusion

A number of large investors have recently added to or reduced their stakes in BMEA. Marshall Wace LLP raised its position in Biomea Fusion by 293.7% in the 4th 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 period. Mariner LLC raised its position in Biomea Fusion by 145.1% in the 4th quarter. Mariner LLC now owns 585,632 shares of the company’s stock worth $726,000 after purchasing an additional 346,702 shares during the period. Vanguard Group Inc. grew its holdings in Biomea Fusion by 15.4% in the 3rd 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 last quarter. AQR Capital Management LLC grew its holdings in Biomea Fusion by 670.5% in the 1st 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. Finally, Two Sigma Investments LP grew its holdings in Biomea Fusion by 61.0% in the 3rd quarter. Two Sigma Investments LP now owns 562,968 shares of the company’s stock worth $1,137,000 after acquiring an additional 213,321 shares during the last quarter. Hedge funds and other institutional investors own 96.72% of the company’s stock.

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.