Biomea Fusion (NASDAQ:BMEA) Stock Price Up 0.8% - Should You Buy?

Key Points

• Biomea Fusion shares rose 0.8% on Monday to $1.33, with trading volume running about 12% above the daily average. The stock has a small market cap of about $96 million and is trading near its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but generally positive: the stock carries an average “Moderate Buy” rating and a $8.50 average price target. Recent coverage included buy/outperform calls from Citigroup and Citizens JMP, while Weiss Ratings and Wall Street Zen issued downgrades.
• Biomea recently reported quarterly earnings of ($0.17) per share, beating estimates by $0.07, but analysts still expect a full-year loss of $0.82 per share. The company is a clinical-stage biopharmaceutical firm focused on cancer therapies, with lead asset BMF-219.

Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) traded up 0.8% on Monday . The stock traded as high as $1.34 and last traded at $1.33. Approximately 1,047,015 shares were traded during trading, an increase of 12% from the average daily volume of 935,585 shares. The stock had previously closed at $1.32.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BMEA shares. Weiss Ratings lowered Biomea Fusion from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, July 1st. Citizens Jmp started coverage on shares of Biomea Fusion in a research report on Tuesday, May 5th. They set a "market outperform" rating and a $9.00 target price on the stock. D. Boral Capital reaffirmed a "buy" rating and set a $12.00 target price on shares of Biomea Fusion in a research report on Tuesday, April 28th. Wall Street Zen cut shares of Biomea Fusion from a "hold" rating to a "sell" rating in a research note on Saturday, May 30th. Finally, Citigroup started coverage on shares of Biomea Fusion in a report on Tuesday, May 5th. They issued an "outperform" rating for the company. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $8.50.

Biomea Fusion Price Performance

The firm has a market cap of $96.16 million, a P/E ratio of -1.96 and a beta of -0.31. The stock's 50 day moving average is $1.34 and its two-hundred day moving average is $1.39.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.17) earnings per share for the quarter, beating analysts' consensus estimates of ($0.24) by $0.07. As a group, research analysts forecast that Biomea Fusion, Inc. will post -0.82 EPS for the current fiscal year.

Institutional Investors Weigh In On Biomea Fusion

Several large investors have recently made changes to their positions in the company. AQR Capital Management LLC increased its position in shares of Biomea Fusion by 670.5% during the 1st quarter. AQR Capital Management LLC now owns 264,028 shares of the company's stock worth $562,000 after purchasing an additional 229,763 shares in the last quarter. Bridgeway Capital Management LLC boosted its position in 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 buying an additional 35,000 shares in the last quarter. Engineers Gate Manager LP bought a new stake in Biomea Fusion during the second quarter worth about $26,000. Vanguard Group Inc. grew its stake in Biomea Fusion by 15.4% during the third quarter. Vanguard Group Inc. now owns 2,170,066 shares of the company's stock worth $4,384,000 after buying an additional 290,376 shares during the last quarter. Finally, Two Sigma Investments LP grew its stake in Biomea Fusion by 61.0% during the third quarter. Two Sigma Investments LP now owns 562,968 shares of the company's stock worth $1,137,000 after buying an additional 213,321 shares during the last quarter. Institutional investors own 96.72% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.