Biomea Fusion (NASDAQ:BMEA) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Biomea Fusion (NASDAQ:BMEA) released its earnings results on Tuesday. The company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.94) by $0.03, Briefing.com reports.

Biomea Fusion Price Performance

Shares of BMEA stock opened at $9.37 on Friday. Biomea Fusion has a 12-month low of $3.61 and a 12-month high of $22.74. The firm has a fifty day moving average of $9.39 and a 200-day moving average of $8.36.

Insider Buying and Selling

In other news, Director Michael J.M. Hitchcock purchased 10,000 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were bought at an average cost of $10.06 per share, for a total transaction of $100,600.00. Following the completion of the acquisition, the director now directly owns 15,000 shares in the company, valued at approximately $150,900. This trade represents a 200.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 27.57% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BMEA shares. HC Wainwright restated a “buy” rating and set a $40.00 target price on shares of Biomea Fusion in a research report on Thursday. Capital One Financial began coverage on shares of Biomea Fusion in a report on Thursday, August 29th. They issued an “overweight” rating and a $25.00 price objective on the stock. Scotiabank lifted their target price on shares of Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a report on Friday, September 27th. Truist Financial raised Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research note on Friday, September 27th. Finally, Rodman & Renshaw raised Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price objective for the company in a research note on Thursday, September 26th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $30.50.

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.