Biomea Fusion (NASDAQ:BMEA) Issues Quarterly Earnings Results

Biomea Fusion (NASDAQ:BMEA) issued its earnings results on Wednesday. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.10, FiscalAI reports.

Biomea Fusion Price Performance

NASDAQ:BMEA traded up $0.03 during trading hours on Wednesday, reaching $1.26. 397,538 shares of the company traded hands, compared to its average volume of 1,215,010. The firm’s 50-day moving average is $1.28 and its 200-day moving average is $1.38. The stock has a market cap of $91.10 million, a P/E ratio of -1.85 and a beta of -0.28. Biomea Fusion has a 1-year low of $0.87 and a 1-year high of $2.99.

Institutional Trading of Biomea Fusion

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP lifted its position in shares of Biomea Fusion by 293.7% in the fourth quarter. Marshall Wace LLP now owns 1,160,351 shares of the company’s stock valued at $1,439,000 after acquiring an additional 865,618 shares in the last quarter. Mariner LLC increased its position in Biomea Fusion by 145.1% during the 4th quarter. Mariner LLC now owns 585,632 shares of the company’s stock worth $726,000 after purchasing an additional 346,702 shares in the last quarter. Vanguard Group Inc. raised its stake in Biomea Fusion by 15.4% in the 3rd quarter. Vanguard Group Inc. now owns 2,170,066 shares of the company’s stock valued at $4,384,000 after purchasing an additional 290,376 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Biomea Fusion by 670.5% in the 1st quarter. AQR Capital Management LLC now owns 264,028 shares of the company’s stock valued at $562,000 after purchasing an additional 229,763 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in shares of Biomea Fusion by 61.0% during the 3rd quarter. Two Sigma Investments LP now owns 562,968 shares of the company’s stock worth $1,137,000 after purchasing an additional 213,321 shares during the last quarter. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BMEA has been the subject of several research analyst reports. Wall Street Zen downgraded Biomea Fusion from a “hold” rating to a “sell” rating in a research note on Saturday, May 30th. Citizens Jmp initiated coverage on Biomea Fusion in a report on Tuesday, May 5th. They issued a “market outperform” rating and a $9.00 target price on the stock. Weiss Ratings cut Biomea Fusion from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, July 1st. Citigroup began coverage on Biomea Fusion in a research note on Tuesday, May 5th. They set an “outperform” rating for the company. Finally, D. Boral Capital reissued a “buy” rating and issued a $12.00 price objective on shares of Biomea Fusion in a research note on Tuesday, April 28th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.50.

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.