Biomea Fusion (NASDAQ:BMEA) Posts Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Biomea Fusion (NASDAQ:BMEA) released its quarterly earnings results on Tuesday. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.12, FiscalAI reports.

Biomea Fusion Stock Down 8.1%

Shares of NASDAQ:BMEA traded down $0.05 during midday trading on Tuesday, hitting $0.55. The stock had a trading volume of 716,784 shares, compared to its average volume of 1,487,967. The company’s 50-day moving average price is $1.23 and its 200-day moving average price is $1.35. Biomea Fusion has a fifty-two week low of $0.54 and a fifty-two week high of $2.24. The company has a market capitalization of $39.65 million, a P/E ratio of -1.89 and a beta of -0.14.

Wall Street Analyst Weigh In

Several equities research analysts have commented on BMEA shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Biomea Fusion in a research report on Monday, September 28th. Wall Street Zen cut Biomea Fusion from a “hold” rating to a “sell” rating in a report on Saturday, October 24th. Citigroup restated a “market outperform” rating on shares of Biomea Fusion in a report on Wednesday, September 30th. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 target price on shares of Biomea Fusion in a research report on Wednesday, October 14th. Finally, Brookline Capital Markets assumed coverage on Biomea Fusion in a report on Wednesday, October 7th. They set a “buy” rating on the stock. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $7.60.

About Biomea Fusion

Biomea Fusion, Inc. is a clinical-stage biopharmaceutical company focused on developing small-molecule medicines for cancer and metabolic diseases. The company uses its proprietary FUSION System to discover and develop covalent medicines designed to engage disease-relevant protein targets. Biomea’s lead investigational product is BMF-219, an oral, selective covalent inhibitor of menin. The company has evaluated BMF-219 in clinical studies for certain hematologic malignancies and solid tumors, including acute leukemias and multiple myeloma, and has also investigated its potential in metabolic diseases such as type 2 diabetes.