Biomea Fusion (NASDAQ:BMEA) Announces Earnings Results

Key Points

• Biomea Fusion reported a quarterly EPS of ($0.51), exceeding expectations by $0.13 compared to the consensus estimate of ($0.64).
• The company's stock has a current price of $1.58, with a 52-week range between $1.29 and $13.07.
• AQR Capital Management raised its stake in Biomea Fusion by 670.5% during the first quarter, now owning approximately 0.70% of the company.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported ($0.51) earnings per share for the quarter, beating analysts' consensus estimates of ($0.59) by $0.08, Zacks reports.

Biomea Fusion Stock Performance

BMEA opened at $1.58 on Wednesday. Biomea Fusion has a one year low of $1.29 and a one year high of $13.07. The stock's fifty day moving average is $1.94 and its 200-day moving average is $2.38. The company has a market capitalization of $59.36 million, a PE ratio of -0.45 and a beta of -0.14.

Wall Street Analysts Forecast Growth

BMEA has been the subject of several research reports. D. Boral Capital reiterated a "buy" rating and issued a $16.00 target price on shares of Biomea Fusion in a research report on Monday, July 21st. Piper Sandler initiated coverage on Biomea Fusion in a research report on Tuesday, June 3rd. They issued an "overweight" rating and a $7.00 target price for the company. Citigroup decreased their target price on Biomea Fusion from $22.00 to $9.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Finally, HC Wainwright cut their price target on Biomea Fusion from $40.00 to $18.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $20.10.

Institutional Trading of Biomea Fusion

A hedge fund recently raised its stake in Biomea Fusion stock. AQR Capital Management LLC lifted its position in Biomea Fusion, Inc. (NASDAQ:BMEA - Free Report) by 670.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 264,028 shares of the company's stock after buying an additional 229,763 shares during the period. AQR Capital Management LLC owned approximately 0.70% of Biomea Fusion worth $562,000 at the end of the most recent reporting period. 96.72% of the stock is currently owned by institutional investors.

About Biomea Fusion

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.