Biomea Fusion (NASDAQ:BMEA) Announces Earnings Results

Biomea Fusion (NASDAQ:BMEA) announced its quarterly earnings results on Tuesday. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.01), Zacks reports.

Biomea Fusion Trading Down 4.1%

NASDAQ:BMEA traded down $0.06 during midday trading on Thursday, hitting $1.29. 233,601 shares of the stock were exchanged, compared to its average volume of 1,488,662. Biomea Fusion has a one year low of $1.22 and a one year high of $8.99. The company has a market capitalization of $76.47 million, a price-to-earnings ratio of -0.54 and a beta of -0.16. The business has a 50-day moving average price of $1.79 and a two-hundred day moving average price of $1.83.

Institutional Investors Weigh In On Biomea Fusion

A number of large investors have recently bought and sold shares of BMEA. Engineers Gate Manager LP acquired a new stake in shares of Biomea Fusion during the second quarter worth approximately $26,000. Bridgeway Capital Management LLC increased its holdings in shares of Biomea Fusion by 99.2% in the second quarter. Bridgeway Capital Management LLC now owns 70,300 shares of the company’s stock valued at $127,000 after purchasing an additional 35,000 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Biomea Fusion by 670.5% in the first quarter. AQR Capital Management LLC now owns 264,028 shares of the company’s stock valued at $562,000 after purchasing an additional 229,763 shares in the last quarter. 96.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BMEA has been the subject of a number of recent analyst reports. Oppenheimer reaffirmed an “outperform” rating on shares of Biomea Fusion in a report on Tuesday, August 5th. Citigroup decreased their price target on Biomea Fusion from $9.00 to $7.00 and set a “buy” rating for the company in a report on Monday, August 11th. D. Boral Capital decreased their price target on Biomea Fusion from $16.00 to $12.00 and set a “buy” rating for the company in a report on Wednesday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Biomea Fusion in a report on Wednesday, October 8th. Finally, Scotiabank cut their target price on Biomea Fusion from $30.00 to $10.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Biomea Fusion currently has an average rating of “Moderate Buy” and an average price target of $9.00.

Biomea Fusion Company Profile

Biomea Fusion, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of covalent small molecule drugs to treat patients with genetically defined cancers and metabolic diseases. Its lead product candidate is BMF-219, a covalent inhibitor of menin for treating patients with liquid and solid tumors and type 2 diabetes.