Biomea Fusion (NASDAQ:BMEA) Issues Earnings Results

Key Points

• Biomea Fusion beat earnings expectations, reporting a quarterly loss of $0.12 per share versus the analyst consensus loss of $0.22.
• Shares rose 2.4% to $1.26 during Wednesday trading, while institutional investors and hedge funds held a substantial 96.72% of the company’s stock.
• Analyst sentiment remains generally positive, with six Buy ratings and one Sell rating producing a “Moderate Buy” consensus and an $8.50 average price target, despite recent downgrades.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported ($0.12) earnings per share for the quarter, beating analysts' consensus estimates of ($0.22) by $0.10, FiscalAI reports.

Biomea Fusion Trading Up 2.4%

Shares of NASDAQ:BMEA traded up $0.03 during midday trading on Wednesday, hitting $1.26. The stock had a trading volume of 397,538 shares, compared to its average volume of 1,215,010. Biomea Fusion has a 1 year low of $0.87 and a 1 year high of $2.99. The stock has a 50 day moving average price of $1.28 and a two-hundred day moving average price of $1.38. The company has a market capitalization of $91.10 million, a PE ratio of -1.85 and a beta of -0.28.

Institutional Investors Weigh In On Biomea Fusion

A number of hedge funds have recently added to or reduced their stakes in BMEA. Scientech Research LLC purchased a new stake in Biomea Fusion in the 3rd quarter valued at approximately $25,000. Engineers Gate Manager LP acquired a new stake in shares of Biomea Fusion in the 2nd quarter valued at approximately $26,000. Virtu Financial LLC acquired a new position in Biomea Fusion during the third quarter worth $39,000. Millennium Management LLC lifted its holdings 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 acquiring an additional 15,675 shares during the period. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Biomea Fusion during the 4th quarter worth $54,000. Institutional investors and hedge funds own 96.72% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BMEA shares. Wall Street Zen cut shares of Biomea Fusion from a "hold" rating to a "sell" rating in a research note on Saturday, May 30th. Citizens Jmp assumed 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 for the company. Weiss Ratings downgraded shares of Biomea Fusion from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, July 1st. D. Boral Capital reissued a "buy" rating and set a $12.00 price target on shares of Biomea Fusion in a report on Tuesday, April 28th. Finally, Citigroup initiated coverage on Biomea Fusion in a research report on Tuesday, May 5th. They issued an "outperform" rating on the stock. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $8.50.

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.

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