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

Biomea Fusion (NASDAQ:BMEA) released its earnings results on Tuesday. The company reported $0.27 EPS for the quarter, topping the consensus estimate of ($0.25) by $0.52, FiscalAI reports.

Biomea Fusion Stock Performance

Shares of BMEA opened at $1.13 on Wednesday. The stock has a market capitalization of $79.89 million, a PE ratio of -0.47 and a beta of -0.20. The company’s fifty day moving average is $1.30 and its 200 day moving average is $1.43. Biomea Fusion has a fifty-two week low of $0.87 and a fifty-two week high of $3.08.

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Scientech Research LLC purchased a new stake in shares of Biomea Fusion during the 3rd quarter valued at about $25,000. Engineers Gate Manager LP purchased a new stake in Biomea Fusion during the second quarter valued at approximately $26,000. Millennium Management LLC raised its position in Biomea Fusion by 156.7% during the fourth quarter. Millennium Management LLC now owns 25,677 shares of the company’s stock valued at $32,000 after purchasing an additional 15,675 shares during the period. Virtu Financial LLC bought a new stake in shares of Biomea Fusion in the 3rd quarter valued at approximately $39,000. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Biomea Fusion in the 4th quarter worth approximately $54,000. 96.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

About Biomea Fusion

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.