Biomea Fusion (NASDAQ:BMEA) Posts Quarterly Earnings Results

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

Biomea Fusion Price Performance

Biomea Fusion stock traded down $0.05 during midday trading on Friday, reaching $5.70. The stock had a trading volume of 839,888 shares, compared to its average volume of 868,815. The firm’s fifty day simple moving average is $6.12 and its two-hundred day simple moving average is $11.68. Biomea Fusion has a twelve month low of $3.61 and a twelve month high of $22.74. The firm has a market cap of $206.40 million, a price-to-earnings ratio of -1.60 and a beta of -0.52.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Scotiabank decreased their price objective on shares of Biomea Fusion from $41.00 to $21.00 and set a “sector outperform” rating for the company in a report on Friday, June 7th. HC Wainwright reiterated a “buy” rating and issued a $15.00 price objective on shares of Biomea Fusion in a report on Thursday. Truist Financial cut shares of Biomea Fusion from a “buy” rating to a “hold” rating in a report on Tuesday, June 11th. Oppenheimer reduced their target price 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. Finally, Piper Sandler reduced their target price on shares of Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating for the company in a report on Friday, June 7th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.