Biomea Fusion (NASDAQ:BMEA) Announces Quarterly Earnings Results

Biomea Fusion (NASDAQ:BMEA) posted its quarterly earnings data on Wednesday. The company reported ($1.03) earnings per share for the quarter, meeting the consensus estimate of ($1.03), Zacks reports.

Biomea Fusion Stock Performance

Shares of NASDAQ BMEA traded down $0.05 during midday trading on Friday, hitting $5.70. 839,888 shares of the company traded hands, compared to its average volume of 868,815. Biomea Fusion has a 12-month low of $3.61 and a 12-month high of $22.74. The stock has a 50-day moving average price of $6.12 and a 200 day moving average price of $11.68. The firm has a market cap of $206.40 million, a P/E ratio of -1.60 and a beta of -0.52.

Analysts Set New Price Targets

A number of equities analysts recently commented on BMEA shares. Barclays cut shares of Biomea Fusion from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $30.00 to $5.00 in a research report on Friday, June 7th. JPMorgan Chase & Co. lifted their target price on shares of Biomea Fusion from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. Truist Financial cut shares of Biomea Fusion from a “buy” rating to a “hold” rating in a research report on Tuesday, June 11th. HC Wainwright restated a “buy” rating and issued a $15.00 price objective on shares of Biomea Fusion in a research report on Thursday. Finally, Scotiabank decreased their price objective on shares of Biomea Fusion from $41.00 to $21.00 and set a “sector outperform” rating on the stock in a research report on Friday, June 7th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Biomea Fusion currently has an average rating of “Moderate Buy” and a consensus target price of $28.25.

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.