Biomea Fusion (NASDAQ:BMEA) Announces Earnings Results

Biomea Fusion (NASDAQ:BMEA) released its earnings results on Tuesday. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.01), Zacks reports.

Biomea Fusion Stock Performance

Shares of BMEA opened at $1.26 on Wednesday. The company has a 50-day simple moving average of $1.80 and a 200-day simple moving average of $1.84. The firm has a market capitalization of $74.98 million, a P/E ratio of -0.42 and a beta of -0.16. Biomea Fusion has a 52 week low of $1.24 and a 52 week high of $9.34.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Citigroup cut their target price on shares of Biomea Fusion from $9.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, August 11th. Weiss Ratings reissued a “sell (e+)” rating on shares of Biomea Fusion in a research report on Wednesday, October 8th. Oppenheimer reissued an “outperform” rating on shares of Biomea Fusion in a research report on Tuesday, August 5th. Jefferies Financial Group assumed coverage on shares of Biomea Fusion in a research report on Thursday, August 28th. They set a “buy” rating and a $5.00 target price for the company. Finally, D. Boral Capital reissued a “buy” rating and set a $16.00 target price on shares of Biomea Fusion in a research report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.50.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BMEA. AQR Capital Management LLC raised its position in shares of Biomea Fusion by 670.5% during the first quarter. AQR Capital Management LLC now owns 264,028 shares of the company’s stock valued at $562,000 after buying an additional 229,763 shares during the last quarter. Bridgeway Capital Management LLC increased its stake 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 acquiring an additional 35,000 shares during the period. Finally, Engineers Gate Manager LP bought a new stake in Biomea Fusion in the second quarter valued at about $26,000. Institutional investors and hedge funds own 96.72% of the company’s stock.

About Biomea Fusion

Biomea Fusion, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery and development of covalent small molecule drugs to treat patients with genetically defined cancers and metabolic diseases. Its lead product candidate is BMF-219, a covalent inhibitor of menin for treating patients with liquid and solid tumors and type 2 diabetes.