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

Biomea Fusion, Inc. (NASDAQ:BMEA) saw 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 daily volume of 779,800 shares, the short-interest ratio is currently 12.1 days. Approximately 29.7% of the company’s stock are short sold.

Insider Activity

In related news, Director Michael J.M. Hitchcock purchased 10,000 shares of the stock in a transaction on Monday, September 30th. The shares were bought at an average price of $10.06 per share, for a total transaction of $100,600.00. Following the completion of the acquisition, the director now directly owns 15,000 shares in the company, valued at approximately $150,900. This trade represents a 200.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 27.57% of the company’s stock.

Hedge Funds Weigh In On Biomea Fusion

A number of hedge funds and other institutional investors have recently made changes to their positions in BMEA. FMR LLC lifted its holdings in Biomea Fusion by 0.7% during the third quarter. FMR LLC now owns 5,431,525 shares of the company’s stock worth $54,858,000 after acquiring an additional 39,959 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Biomea Fusion by 1.2% in the first quarter. Vanguard Group Inc. now owns 1,365,625 shares of the company’s stock valued at $20,416,000 after buying an additional 15,626 shares during the period. Geode Capital Management LLC increased 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. Renaissance Technologies LLC acquired a new stake in shares of Biomea Fusion during the second quarter worth $1,481,000. Finally, Charles Schwab Investment Management Inc. lifted its position in 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 in the last quarter. 96.72% of the stock is owned by institutional investors.

Biomea Fusion Price Performance

Shares of NASDAQ BMEA traded down $0.06 during midday trading on Tuesday, hitting $7.21. The stock had a trading volume of 171,522 shares, compared to its average volume of 987,766. The firm has a market cap of $261.29 million, a P/E ratio of -1.78 and a beta of -0.53. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $22.74. The company’s 50-day simple moving average is $9.26 and its 200 day simple moving average is $7.72.

Biomea Fusion (NASDAQ:BMEA) last posted 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. Equities analysts expect that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Citigroup decreased their target price on Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. EF Hutton Acquisition Co. I upgraded Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Rodman & Renshaw raised Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 target price for the company in a research report on Thursday, September 26th. Barclays boosted their price target on shares of Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Finally, Piper Sandler lifted their target price on shares of Biomea Fusion from $10.00 to $19.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target 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.