Biomea Fusion (NASDAQ:BMEA) Announces Quarterly Earnings Results

Biomea Fusion (NASDAQ:BMEA) issued its quarterly earnings data on Thursday. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.10, FiscalAI reports.

Biomea Fusion Price Performance

Biomea Fusion stock opened at $1.26 on Friday. Biomea Fusion has a 1-year low of $0.87 and a 1-year high of $2.99. The firm has a market capitalization of $91.10 million, a P/E ratio of -4.34 and a beta of -0.28. The company’s 50-day moving average is $1.27 and its 200 day moving average is $1.38.

Institutional Investors Weigh In On Biomea Fusion

A number of institutional investors and hedge funds have recently modified their holdings of the business. Marshall Wace LLP boosted 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 valued at $1,439,000 after buying an additional 865,618 shares during the period. Mariner LLC grew its stake 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 acquiring an additional 346,702 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Biomea Fusion by 15.4% during 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. AQR Capital Management LLC increased its position in shares of Biomea Fusion by 670.5% during 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 period. Finally, Two Sigma Investments LP raised its stake in shares of Biomea Fusion by 61.0% during the third quarter. Two Sigma Investments LP now owns 562,968 shares of the company’s stock valued at $1,137,000 after acquiring an additional 213,321 shares in the last quarter. 96.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Wall Street Zen downgraded shares of Biomea Fusion from a “hold” rating to a “sell” rating in a 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. 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. Weiss Ratings lowered Biomea Fusion from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, July 1st. Finally, Citizens Jmp assumed 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. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $8.20.

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.