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

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

Biomea Fusion Stock Up 1.9%

Shares of BMEA stock opened at $1.57 on Tuesday. The firm has a fifty day moving average of $1.54 and a 200-day moving average of $1.38. 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 price-to-earnings ratio of -1.20 and a beta of -0.32.

Analysts Set New Price Targets

A number of research firms recently weighed in on BMEA. Citizens Jmp initiated coverage on shares of Biomea Fusion in a research note on Tuesday, May 5th. They set a “market outperform” rating and a $9.00 price target for the company. D. Boral Capital restated a “buy” rating and set a $12.00 price objective on shares of Biomea Fusion in a report on Tuesday, April 28th. Weiss Ratings restated a “sell (e+)” rating on shares of Biomea Fusion in a report on Monday, April 20th. Rodman & Renshaw initiated coverage on shares of Biomea Fusion in a report on Tuesday, January 13th. They set a “buy” rating and a $8.00 price objective for the company. Finally, Citigroup initiated coverage on shares of Biomea Fusion in a report on Tuesday, May 5th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.29.

Institutional Investors Weigh In On Biomea Fusion

Several large investors have recently made changes to their positions in the stock. Scientech Research LLC bought a new stake in shares of Biomea Fusion during the third quarter worth $25,000. Engineers Gate Manager LP bought a new stake in shares of Biomea Fusion during the second quarter worth $26,000. Millennium Management LLC increased its position in shares of Biomea Fusion by 156.7% during the fourth quarter. Millennium Management LLC now owns 25,677 shares of the company’s stock worth $32,000 after acquiring an additional 15,675 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Biomea Fusion during the third quarter worth $39,000. Finally, State Street Corp increased its position in shares of Biomea Fusion by 17.8% during the fourth quarter. State Street Corp now owns 165,115 shares of the company’s stock worth $205,000 after acquiring an additional 25,000 shares in the last quarter. Institutional investors own 96.72% of the company’s stock.

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.