Biomea Fusion (NASDAQ:BMEA) Announces Quarterly Earnings Results, Beats Estimates By $0.52 EPS

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

Biomea Fusion Price Performance

NASDAQ BMEA traded up $0.01 on Tuesday, hitting $1.13. The company had a trading volume of 1,014,360 shares, compared to its average volume of 1,124,539. The company’s fifty day moving average price is $1.31 and its 200-day moving average price is $1.43. The company has a market capitalization of $79.90 million, a PE ratio of -0.47 and a beta of -0.20. Biomea Fusion has a 12-month low of $0.87 and a 12-month high of $3.08.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on BMEA shares. Rodman & Renshaw started coverage on shares of Biomea Fusion in a report on Tuesday, January 13th. They set a “buy” rating and a $8.00 target price for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Biomea Fusion in a research note on Wednesday, January 21st. Finally, D. Boral Capital restated a “buy” rating and issued a $12.00 target price on shares of Biomea Fusion in a research note on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Biomea Fusion has a consensus rating of “Moderate Buy” and an average price target of $8.63.

Institutional Trading of Biomea Fusion

Institutional investors have recently modified their holdings of the stock. Scientech Research LLC acquired a new position in shares of Biomea Fusion during the 3rd quarter worth about $25,000. Engineers Gate Manager LP purchased a new position in Biomea Fusion in the 2nd quarter valued at about $26,000. Millennium Management LLC boosted its holdings in Biomea Fusion by 156.7% in the 4th quarter. Millennium Management LLC now owns 25,677 shares of the company’s stock worth $32,000 after buying an additional 15,675 shares during the last quarter. Virtu Financial LLC acquired a new stake in Biomea Fusion in the 3rd quarter worth about $39,000. Finally, State Street Corp increased its stake in Biomea Fusion by 17.8% during the 4th quarter. State Street Corp now owns 165,115 shares of the company’s stock worth $205,000 after buying an additional 25,000 shares in the last quarter. Institutional investors and hedge funds 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.