Biomea Fusion (NASDAQ:BMEA) Issues Quarterly Earnings Results

Biomea Fusion (NASDAQ:BMEA) released its earnings results on Tuesday. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.52, FiscalAI reports.

Biomea Fusion Stock Performance

BMEA traded up $0.01 during midday trading on Tuesday, reaching $1.13. 1,006,804 shares of the company were exchanged, compared to its average volume of 1,123,973. The stock has a market capitalization of $79.90 million, a P/E ratio of -0.47 and a beta of -0.20. Biomea Fusion has a one year low of $0.87 and a one year high of $3.08. The stock’s 50-day simple moving average is $1.31 and its 200 day simple moving average is $1.43.

Wall Street Analysts Forecast Growth

BMEA has been the subject of several analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Biomea Fusion in a research report on Wednesday, January 21st. Rodman & Renshaw assumed coverage on shares of Biomea Fusion in a report on Tuesday, January 13th. They issued a “buy” rating and a $8.00 price objective on the stock. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $12.00 target price on shares of Biomea Fusion in a report on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.63.

Institutional Trading of Biomea Fusion

A number of hedge funds have recently modified their holdings of the company. Scientech Research LLC bought a new position in Biomea Fusion during the 3rd quarter worth approximately $25,000. Engineers Gate Manager LP bought a new stake in Biomea Fusion in the second quarter valued at approximately $26,000. Millennium Management LLC increased its stake in Biomea Fusion by 156.7% in the fourth quarter. Millennium Management LLC now owns 25,677 shares of the company’s stock valued at $32,000 after purchasing an additional 15,675 shares in the last quarter. Virtu Financial LLC acquired a new stake in Biomea Fusion in the third quarter worth $39,000. Finally, ADAR1 Capital Management LLC acquired a new stake in Biomea Fusion in the fourth quarter worth $54,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.

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.