Biomea Fusion (NASDAQ:BMEA) Announces Quarterly 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) released its quarterly earnings data on Tuesday. The company reported ($0.51) earnings per share for the quarter, topping analysts' consensus estimates of ($0.59) by $0.08, Zacks reports.

Biomea Fusion Price Performance

NASDAQ:BMEA traded down $0.09 during midday trading on Friday, hitting $1.54. The company's stock had a trading volume of 1,080,461 shares, compared to its average volume of 810,138. Biomea Fusion has a fifty-two week low of $1.29 and a fifty-two week high of $13.07. The firm's 50 day moving average is $1.95 and its 200-day moving average is $2.34. The firm has a market cap of $57.86 million, a P/E ratio of -0.51 and a beta of -0.14.

Analyst Ratings Changes

BMEA has been the subject of a number of research reports. Piper Sandler initiated coverage on shares of Biomea Fusion in a research note on Tuesday, June 3rd. They issued an "overweight" rating and a $7.00 price objective for the company. D. Boral Capital reaffirmed a "buy" rating and issued a $16.00 price objective on shares of Biomea Fusion in a research note on Wednesday. Oppenheimer reaffirmed an "outperform" rating on shares of Biomea Fusion in a research note on Tuesday. HC Wainwright decreased their price target on shares of Biomea Fusion from $40.00 to $18.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Finally, Citigroup decreased their price target on shares of Biomea Fusion from $22.00 to $9.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $17.00.

Hedge Funds Weigh In On Biomea Fusion

A hedge fund recently raised its stake in Biomea Fusion stock. AQR Capital Management LLC increased its holdings in Biomea Fusion, Inc. (NASDAQ:BMEA - Free Report) by 670.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 264,028 shares of the company's stock after buying an additional 229,763 shares during the quarter. AQR Capital Management LLC owned about 0.70% of Biomea Fusion worth $562,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 96.72% of the company's stock.

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.