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

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

Biomea Fusion Stock Performance

Shares of Biomea Fusion stock traded down $0.05 on Friday, hitting $5.70. The company’s stock had a trading volume of 839,888 shares, compared to its average volume of 868,815. The company has a market capitalization of $206.40 million, a price-to-earnings ratio of -1.60 and a beta of -0.52. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $22.74. The firm has a fifty day moving average price of $6.12 and a 200-day moving average price of $11.68.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BMEA. 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 reissued a “buy” rating and issued a $15.00 price objective on shares of Biomea Fusion in a report on Thursday. Barclays downgraded 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 report on Friday, June 7th. Piper Sandler cut their price target on shares of Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating on the stock 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 research note on Tuesday, June 11th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.