Biomea Fusion (NASDAQ:BMEA) Releases Earnings Results, Beats Estimates By $0.03 EPS

Biomea Fusion (NASDAQ:BMEA) issued its earnings results on Tuesday. The company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.94) by $0.03, Briefing.com reports.

Biomea Fusion Stock Down 1.7 %

Shares of BMEA stock traded down $0.20 during trading on Wednesday, hitting $11.86. The company had a trading volume of 70,828 shares, compared to its average volume of 1,012,207. The stock has a market capitalization of $426.31 million, a price-to-earnings ratio of -3.30 and a beta of -0.43. The stock’s 50-day moving average is $9.25 and its two-hundred day moving average is $8.34. Biomea Fusion has a 52 week low of $3.61 and a 52 week high of $22.74.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Barclays raised their price objective on Biomea Fusion from $5.00 to $9.00 and gave the company an “equal weight” rating in a research note on Friday, September 27th. Citigroup dropped their price objective on Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Capital One Financial began coverage on Biomea Fusion in a research note on Thursday, August 29th. They set an “overweight” rating and a $25.00 price objective on the stock. Rodman & Renshaw raised shares of Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price target on the stock in a report on Thursday, September 26th. Finally, Truist Financial raised shares of Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a report on Friday, September 27th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $29.40.

Insiders Place Their Bets

In other news, Director Michael J.M. Hitchcock bought 10,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was acquired at an average price of $10.06 per share, with a total value of $100,600.00. Following the completion of the purchase, the director now directly owns 15,000 shares in the company, valued at $150,900. This represents a 200.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 27.57% of the stock is owned by insiders.

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.