Short Interest in Biomea Fusion, Inc. (NASDAQ:BMEA) Rises By 11.0%

Biomea Fusion, Inc. (NASDAQ:BMEA) was the recipient of a significant growth in short interest in November. As of November 15th, there was short interest totalling 9,410,000 shares, a growth of 11.0% from the October 31st total of 8,480,000 shares. Based on an average trading volume of 779,800 shares, the days-to-cover ratio is presently 12.1 days. Approximately 29.7% of the shares of the company are sold short.

Biomea Fusion Stock Performance

BMEA stock traded down $0.06 during mid-day trading on Tuesday, hitting $7.21. The company had a trading volume of 171,522 shares, compared to its average volume of 987,766. The stock’s fifty day moving average price is $9.26 and its two-hundred day moving average price is $7.72. Biomea Fusion has a 12 month low of $3.61 and a 12 month high of $22.74. The firm has a market cap of $261.29 million, a PE ratio of -1.78 and a beta of -0.53.

Biomea Fusion (NASDAQ:BMEA) last issued its earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.94) by $0.03. Equities analysts anticipate that Biomea Fusion will post -3.93 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BMEA. Scotiabank boosted their price target on Biomea Fusion from $21.00 to $41.00 and gave the stock a “sector outperform” rating in a report on Friday, September 27th. Piper Sandler lifted their target price on Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Truist Financial upgraded shares of Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research report on Friday, September 27th. RODMAN&RENSHAW upgraded shares of Biomea Fusion to a “strong-buy” rating in a research note on Thursday, September 26th. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $128.00 price target on shares of Biomea Fusion in a research note on Tuesday, November 19th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Biomea Fusion presently has a consensus rating of “Buy” and an average price target of $39.36.

Insiders Place Their Bets

In other news, Director Michael J.M. Hitchcock bought 10,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was bought at an average price of $10.06 per share, with a total value of $100,600.00. Following the completion of the acquisition, the director now owns 15,000 shares of the company’s stock, valued at $150,900. This represents a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 27.57% of the company’s stock.

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its position in shares of Biomea Fusion by 0.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 177,602 shares of the company’s stock valued at $2,656,000 after purchasing an additional 1,028 shares during the period. China Universal Asset Management Co. Ltd. raised its holdings in Biomea Fusion by 64.9% during the 3rd 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. Geode Capital Management LLC lifted its position in shares of Biomea Fusion by 0.7% during the third quarter. Geode Capital Management LLC now owns 601,479 shares of the company’s stock worth $6,076,000 after acquiring an additional 4,291 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Biomea Fusion by 3.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 208,391 shares of the company’s stock worth $2,105,000 after acquiring an additional 7,551 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Biomea Fusion in the second quarter valued at $36,000. Institutional investors 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.