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

Biomea Fusion (NASDAQ:BMEAGet Free Report) released its quarterly earnings results on Tuesday. The company reported ($0.91) EPS for the quarter, topping the consensus estimate of ($0.94) by $0.03, Briefing.com reports.

Biomea Fusion Price Performance

BMEA traded up $0.36 during midday trading on Thursday, reaching $10.70. 173,874 shares of the company’s stock were exchanged, compared to its average volume of 1,012,225. The stock has a market capitalization of $387.45 million, a PE ratio of -2.58 and a beta of -0.43. The business’s 50-day moving average price is $9.34 and its 200 day moving average price is $8.36. Biomea Fusion has a 1-year low of $3.61 and a 1-year high of $22.74.

Insiders Place Their Bets

In other news, Director Michael J.M. Hitchcock acquired 10,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 15,000 shares in the company, valued at approximately $150,900. This represents a 200.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 27.57% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on BMEA shares. Rodman & Renshaw upgraded Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 target price for the company in a research report on Thursday, September 26th. Citigroup decreased their price target on shares of Biomea Fusion from $45.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Barclays lifted their price target on shares of Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a report on Wednesday. Scotiabank lifted their price target on shares of Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a report on Friday, September 27th. Finally, Truist Financial raised shares of Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a report on Friday, September 27th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $29.60.

Read Our Latest Stock Report on Biomea Fusion

About Biomea Fusion

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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.

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Earnings History for Biomea Fusion (NASDAQ:BMEA)

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