Biomea Fusion (NASDAQ:BMEA) Issues Earnings Results

Biomea Fusion (NASDAQ:BMEA) announced its quarterly earnings results on Tuesday. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.39), Zacks reports.

Biomea Fusion Price Performance

NASDAQ BMEA traded up $0.10 during trading hours on Wednesday, reaching $1.23. 1,375,143 shares of the stock traded hands, compared to its average volume of 1,129,690. The stock has a 50 day simple moving average of $1.30 and a two-hundred day simple moving average of $1.43. Biomea Fusion has a 1 year low of $0.87 and a 1 year high of $3.08. The company has a market cap of $86.61 million, a price-to-earnings ratio of -0.51 and a beta of -0.20.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BMEA. Rodman & Renshaw assumed coverage on shares of Biomea Fusion in a research report on Tuesday, January 13th. They set a “buy” rating and a $8.00 price target for the company. Weiss Ratings reissued 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 set a $12.00 target price on shares of Biomea Fusion in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Biomea Fusion has a consensus rating of “Moderate Buy” and an average target price of $8.62.

Hedge Funds Weigh In On Biomea Fusion

Large investors have recently modified their holdings of the company. Barclays PLC grew its holdings in shares of Biomea Fusion by 1,731.0% during the 4th quarter. Barclays PLC now owns 59,013 shares of the company’s stock valued at $73,000 after purchasing an additional 55,790 shares during the last quarter. State Street Corp boosted its position in Biomea Fusion by 17.8% during the fourth quarter. State Street Corp now owns 165,115 shares of the company’s stock valued at $205,000 after buying an additional 25,000 shares during the period. Geode Capital Management LLC grew its stake in shares of Biomea Fusion by 26.0% during the fourth quarter. Geode Capital Management LLC now owns 562,898 shares of the company’s stock valued at $698,000 after buying an additional 116,024 shares during the last quarter. XTX Topco Ltd grew its stake in shares of Biomea Fusion by 77.1% during the third quarter. XTX Topco Ltd now owns 265,303 shares of the company’s stock valued at $536,000 after buying an additional 115,524 shares during the last quarter. Finally, Mariner LLC purchased a new position in shares of Biomea Fusion in the third quarter worth about $483,000. 96.72% of the stock is owned by hedge funds and other institutional investors.

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.