Biomea Fusion (NASDAQ:BMEA) Releases Earnings Results, Hits Expectations

Biomea Fusion (NASDAQ:BMEA) posted its quarterly earnings results on Wednesday. The company reported ($1.03) earnings per share for the quarter, hitting analysts’ consensus estimates of ($1.03), Zacks reports.

Biomea Fusion Price Performance

NASDAQ BMEA traded down $0.05 on Friday, hitting $5.70. 839,888 shares of the stock were exchanged, compared to its average volume of 868,815. The business’s fifty day moving average is $6.12 and its 200 day moving average is $11.68. Biomea Fusion has a 52 week low of $3.61 and a 52 week high of $22.74. The company has a market capitalization of $206.40 million, a PE ratio of -1.60 and a beta of -0.52.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Biomea Fusion from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. HC Wainwright restated a “buy” rating and set a $15.00 price objective on shares of Biomea Fusion in a report on Thursday. Oppenheimer decreased their price objective on shares of Biomea Fusion from $70.00 to $60.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. Barclays cut shares of Biomea Fusion from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $30.00 to $5.00 in a report on Friday, June 7th. Finally, Truist Financial cut shares of Biomea Fusion from a “buy” rating to a “hold” rating in a report on Tuesday, June 11th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Biomea Fusion currently has an average rating of “Moderate Buy” and a consensus price target of $28.25.

Biomea Fusion Company Profile

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.