Biomea Fusion (NASDAQ:BMEA) Posts Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Biomea Fusion (NASDAQ:BMEA) posted its quarterly earnings data on Tuesday. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.12, FiscalAI reports.

Biomea Fusion Stock Down 8.1%

BMEA traded down $0.05 during midday trading on Tuesday, hitting $0.55. The company had a trading volume of 716,784 shares, compared to its average volume of 1,487,967. The stock’s 50 day moving average price is $1.23 and its 200 day moving average price is $1.35. Biomea Fusion has a 52 week low of $0.54 and a 52 week high of $2.24. The company has a market capitalization of $39.65 million, a price-to-earnings ratio of -1.89 and a beta of -0.14.

Wall Street Analyst Weigh In

BMEA has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating and set a $4.00 target price on shares of Biomea Fusion in a research report on Wednesday, October 14th. Wall Street Zen downgraded Biomea Fusion from a “hold” rating to a “sell” rating in a report on Saturday, October 24th. Brookline Capital Markets initiated coverage on Biomea Fusion in a research note on Wednesday, October 7th. They issued a “buy” rating on the stock. Citizens Jmp restated a “market outperform” rating and set a $7.00 price target on shares of Biomea Fusion in a report on Wednesday, October 14th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Biomea Fusion in a report on Monday, September 28th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.60.

About Biomea Fusion

Biomea Fusion, Inc. is a clinical-stage biopharmaceutical company focused on developing small-molecule medicines for cancer and metabolic diseases. The company uses its proprietary FUSION System to discover and develop covalent medicines designed to engage disease-relevant protein targets. Biomea’s lead investigational product is BMF-219, an oral, selective covalent inhibitor of menin. The company has evaluated BMF-219 in clinical studies for certain hematologic malignancies and solid tumors, including acute leukemias and multiple myeloma, and has also investigated its potential in metabolic diseases such as type 2 diabetes.