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

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

Biomea Fusion Trading Down 1.2%

BMEA traded down $0.01 during mid-day trading on Friday, hitting $1.24. 232,102 shares of the stock were exchanged, compared to its average volume of 1,203,235. The firm’s fifty day moving average is $1.27 and its two-hundred day moving average is $1.38. Biomea Fusion has a 1-year low of $0.87 and a 1-year high of $2.99. The company has a market cap of $89.29 million, a PE ratio of -4.26 and a beta of -0.28.

Institutional Trading of Biomea Fusion

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Biomea Fusion by 15.4% during the 3rd quarter. Vanguard Group Inc. now owns 2,170,066 shares of the company’s stock worth $4,384,000 after buying an additional 290,376 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Biomea Fusion by 293.7% in the fourth quarter. Marshall Wace LLP now owns 1,160,351 shares of the company’s stock valued at $1,439,000 after acquiring an additional 865,618 shares in the last quarter. Mariner LLC boosted its holdings in Biomea Fusion by 145.1% in the fourth 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 Biomea Fusion by 61.0% during the 3rd quarter. Two Sigma Investments LP now owns 562,968 shares of the company’s stock worth $1,137,000 after purchasing an additional 213,321 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Biomea Fusion by 26.0% during the 4th quarter. Geode Capital Management LLC now owns 562,898 shares of the company’s stock worth $698,000 after purchasing an additional 116,024 shares in the last quarter. Institutional investors and hedge funds own 96.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BMEA. Citizens Jmp began coverage on shares of Biomea Fusion in a report on Tuesday, May 5th. They issued a “market outperform” rating and a $9.00 target price on the stock. Weiss Ratings cut Biomea Fusion from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, July 1st. Citigroup initiated coverage on Biomea Fusion in a research report on Tuesday, May 5th. They issued an “outperform” rating for the company. Wall Street Zen downgraded Biomea Fusion from a “hold” rating to a “sell” rating in a research report on Saturday, May 30th. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $12.00 price target on shares of Biomea Fusion in a research note on Tuesday, April 28th. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.20.

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.