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

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

Biomea Fusion Stock Down 1.7 %

Shares of NASDAQ:BMEA traded down $0.20 on Wednesday, hitting $11.86. 70,828 shares of the company traded hands, compared to its average volume of 1,012,207. Biomea Fusion has a 52 week low of $3.61 and a 52 week high of $22.74. The stock has a 50 day simple moving average of $9.25 and a 200-day simple moving average of $8.34. The company has a market cap of $426.31 million, a PE ratio of -3.30 and a beta of -0.43.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BMEA. Citigroup decreased their target price on Biomea Fusion from $45.00 to $22.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Scotiabank increased their price objective on Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a report on Friday, September 27th. Barclays increased their price objective on Biomea Fusion from $5.00 to $9.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Capital One Financial started coverage on Biomea Fusion in a report on Thursday, August 29th. They issued an “overweight” rating and a $25.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $40.00 price objective on shares of Biomea Fusion in a report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $29.40.

Insider Activity

In other Biomea Fusion news, Director Michael J.M. Hitchcock acquired 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average cost 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 of the company’s stock, valued at approximately $150,900. This represents a 200.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 27.57% of the company’s stock.

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.