Biomea Fusion, Inc. (NASDAQ:BMEA) Sees Large Growth in Short Interest

Biomea Fusion, Inc. (NASDAQ:BMEA) was the recipient of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 10,870,000 shares, a growth of 9.6% from the November 30th total of 9,920,000 shares. Based on an average daily trading volume, of 953,600 shares, the short-interest ratio is currently 11.4 days. Currently, 34.4% of the company’s stock are sold short.

Biomea Fusion Stock Performance

Shares of BMEA stock opened at $3.88 on Tuesday. Biomea Fusion has a 52-week low of $3.61 and a 52-week high of $20.21. The stock has a market cap of $140.61 million, a price-to-earnings ratio of -0.97 and a beta of -0.53. The firm’s 50-day moving average is $7.26 and its 200-day moving average is $7.05.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.94) by $0.03. Sell-side analysts predict that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on BMEA shares. Truist Financial raised shares of Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a research note on Friday, September 27th. Scotiabank upped their price objective on Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a research report on Friday, September 27th. Piper Sandler lifted their target price on Biomea Fusion from $10.00 to $19.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Barclays upped their price target on Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Finally, EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a report on Wednesday, October 9th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $39.36.

Institutional Trading of Biomea Fusion

A number of hedge funds have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Biomea Fusion during the second quarter worth approximately $36,000. Scientech Research LLC bought a new position in Biomea Fusion during the 2nd quarter worth $46,000. DRW Securities LLC acquired a new stake in shares of Biomea Fusion during the second quarter worth $55,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Biomea Fusion by 64.9% in the third quarter. China Universal Asset Management Co. Ltd. now owns 6,964 shares of the company’s stock valued at $70,000 after acquiring an additional 2,741 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Biomea Fusion in the second quarter valued at about $109,000. Institutional investors and hedge funds own 96.72% of the company’s stock.

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.