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

Biomea Fusion, Inc. (NASDAQ:BMEA) was the recipient of a significant growth in short interest in November. As of November 30th, there was short interest totalling 9,920,000 shares, a growth of 5.4% from the November 15th total of 9,410,000 shares. Currently, 31.4% of the shares of the stock are short sold. Based on an average trading volume of 773,600 shares, the days-to-cover ratio is presently 12.8 days.

Biomea Fusion Price Performance

BMEA stock opened at $4.64 on Wednesday. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $20.21. The firm has a 50-day moving average of $8.38 and a 200 day moving average of $7.27. The company has a market cap of $168.15 million, a P/E ratio of -1.16 and a beta of -0.53.

Biomea Fusion (NASDAQ:BMEA) last announced its earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.94) by $0.03. On average, equities research analysts expect that Biomea Fusion will post -3.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BMEA shares. Truist Financial upgraded Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research report on Friday, September 27th. RODMAN&RENSHAW raised shares of Biomea Fusion to a “strong-buy” rating in a research note on Thursday, September 26th. Scotiabank increased their price target on shares of Biomea Fusion from $21.00 to $41.00 and gave the company a “sector outperform” rating in a research report on Friday, September 27th. Citigroup decreased their price objective on shares of Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Finally, EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a report on Wednesday, October 9th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $39.36.

Insiders Place Their Bets

In related news, Director Michael J.M. Hitchcock acquired 10,000 shares of Biomea Fusion stock in a transaction dated Monday, September 30th. The shares were purchased at an average cost of $10.06 per share, with a total value of $100,600.00. Following the completion of the purchase, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 27.57% of the company’s stock.

Hedge Funds Weigh In On Biomea Fusion

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC grew its position in shares of Biomea Fusion by 156.3% in the 3rd quarter. Barclays PLC now owns 39,620 shares of the company’s stock worth $401,000 after buying an additional 24,162 shares during the period. 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 acquiring an additional 4,291 shares in the last quarter. Wexford Capital LP grew its holdings in Biomea Fusion by 26.9% in the third quarter. Wexford Capital LP now owns 130,336 shares of the company’s stock worth $1,316,000 after purchasing an additional 27,619 shares during the period. FMR LLC increased its stake in shares of Biomea Fusion by 0.7% during the third quarter. FMR LLC now owns 5,431,525 shares of the company’s stock valued at $54,858,000 after purchasing an additional 39,959 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Biomea Fusion during the third quarter valued at approximately $111,000. Hedge funds and other institutional investors own 96.72% of the company’s stock.

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.