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

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

Biomea Fusion Trading Down 0.9 %

BMEA traded down $0.05 during midday trading on Friday, hitting $5.70. The company had a trading volume of 839,888 shares, compared to its average volume of 868,815. Biomea Fusion has a twelve month low of $3.61 and a twelve month high of $22.74. The firm’s 50-day simple moving average is $6.12 and its 200-day simple moving average is $11.68.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Piper Sandler reduced their price target 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. JPMorgan Chase & Co. raised their price objective on shares of Biomea Fusion from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, May 3rd. Barclays downgraded shares of Biomea Fusion from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $30.00 to $5.00 in a report on Friday, June 7th. Citigroup reduced their price objective on shares of Biomea Fusion from $90.00 to $45.00 and set a “buy” rating for the company in a report on Friday, June 7th. Finally, Oppenheimer reduced their price objective 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. 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 data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $28.25.

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.