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

Biomea Fusion, Inc. (NASDAQ:BMEA) was the target of a significant growth in short interest in 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 volume of 953,600 shares, the short-interest ratio is currently 11.4 days. Currently, 34.4% of the shares of the stock are short sold.

Biomea Fusion Price Performance

Shares of BMEA stock opened at $3.88 on Thursday. The company has a market capitalization of $140.61 million, a PE ratio of -0.97 and a beta of -0.53. The firm’s 50-day moving average is $6.96 and its two-hundred day moving average is $7.03. Biomea Fusion has a 12 month low of $3.61 and a 12 month high of $20.21.

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

Institutional Investors Weigh In On Biomea Fusion

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC increased its position in shares of Biomea Fusion by 0.7% during the 3rd quarter. FMR LLC now owns 5,431,525 shares of the company’s stock worth $54,858,000 after purchasing an additional 39,959 shares during the last quarter. Geode Capital Management LLC boosted its stake in 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 buying an additional 4,291 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Biomea Fusion during the second quarter valued at about $1,481,000. Charles Schwab Investment Management Inc. raised its stake in shares of Biomea Fusion by 3.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 208,391 shares of the company’s stock valued at $2,105,000 after acquiring an additional 7,551 shares during the period. Finally, Wexford Capital LP lifted its holdings in shares of Biomea Fusion by 26.9% in the 3rd quarter. Wexford Capital LP now owns 130,336 shares of the company’s stock worth $1,316,000 after acquiring an additional 27,619 shares during the last quarter. Hedge funds and other institutional investors own 96.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on BMEA shares. Barclays increased their target price on Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Rodman & Renshaw upgraded Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price objective on the stock in a report on Thursday, September 26th. Piper Sandler lifted their target price on shares of Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, RODMAN&RENSHAW upgraded shares of Biomea Fusion to a “strong-buy” rating in a research report on Thursday, September 26th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Biomea Fusion presently has an average rating of “Buy” and an average target price of $39.36.

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.