Biomea Fusion, Inc. (NASDAQ:BMEA) Short Interest Update

Biomea Fusion, Inc. (NASDAQ:BMEA) saw a large drop in short interest in the month of May. As of May 31st, there was short interest totalling 11,930,000 shares, a drop of 9.2% from the May 15th total of 13,140,000 shares. Currently, 42.9% of the shares of the stock are sold short. Based on an average daily volume of 1,220,000 shares, the days-to-cover ratio is currently 9.8 days.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BMEA shares. Barclays cut Biomea Fusion from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $30.00 to $5.00 in a research report on Friday, June 7th. Piper Sandler reduced their price objective on Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating for the company in a research note on Friday, June 7th. Truist Financial lowered Biomea Fusion from a “buy” rating to a “hold” rating in a research note on Tuesday, June 11th. JPMorgan Chase & Co. raised their price objective on Biomea Fusion from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. Finally, Citigroup reduced their price objective on Biomea Fusion from $90.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, June 7th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Biomea Fusion presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.25.

Biomea Fusion Stock Down 4.7 %

Shares of Biomea Fusion stock opened at $4.85 on Wednesday. The stock has a market cap of $174.31 million, a PE ratio of -1.36 and a beta of -0.35. The business has a fifty day simple moving average of $10.64 and a 200-day simple moving average of $14.07. Biomea Fusion has a 12 month low of $3.61 and a 12 month high of $37.09.

Biomea Fusion (NASDAQ:BMEA) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.02) by ($0.07). Analysts expect that Biomea Fusion will post -4.09 EPS for the current fiscal year.

Institutional Trading of Biomea Fusion

Several hedge funds and other institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Biomea Fusion by 0.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 177,602 shares of the company’s stock worth $2,656,000 after acquiring an additional 1,028 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Biomea Fusion by 12.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,513 shares of the company’s stock valued at $232,000 after buying an additional 1,712 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in Biomea Fusion by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 9,248 shares of the company’s stock valued at $134,000 after buying an additional 2,345 shares in the last quarter. Signaturefd LLC bought a new position in Biomea Fusion during the fourth quarter valued at about $36,000. Finally, China Universal Asset Management Co. Ltd. raised its holdings in Biomea Fusion by 66.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 6,862 shares of the company’s stock valued at $103,000 after buying an additional 2,731 shares in the last quarter. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

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.