Biomea Fusion Shares Fall 19% After Hours: Here’s Why

Biomea Fusion Inc (NASDAQ: BMEA) shares fell 18.82% to $1.38 in after-hours trading Tuesday.

Biomea Fusion is a clinical-stage diabetes and obesity medicines company developing oral therapies including icovamenib and BMF-650.

Public Offering

Biomea announced after the market close that it had commenced an underwritten public offering of shares of its common stock and, for certain investors, pre-funded warrants to purchase shares of its common stock.

The company did not disclose the size or terms of the proposed offering. It also said the offering is subject to market and other conditions, with no assurance as to whether or when it may be completed.

Biomea intends to grant the underwriter a 30-day option to purchase up to an additional 15% of the total number of shares of common stock and pre-funded warrants in the proposed offering, according to the company release.

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Trading Metrics

Biomea Fusion has a market capitalization of approximately $123.22 million.

Over the past year, Biomea Fusion shares fell 14.57%.

The stock has traded between a 52-week high of $2.99 and a 52-week low of $0.87.

Benzinga’s Edge Stock Rankings show a positive price trend across the short-, medium- and long-term time frames.

Price Action: In the regular session, Biomea Fusion shares fell 0.58% to close at $1.70 on Tuesday.

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