Short Interest in Biomea Fusion, Inc. (NASDAQ:BMEA) Rises By 7.8%

Biomea Fusion, Inc. (NASDAQ:BMEA) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 7,700,000 shares, an increase of 7.8% from the August 15th total of 7,140,000 shares. Based on an average trading volume of 1,110,000 shares, the days-to-cover ratio is currently 6.9 days. Approximately 27.5% of the shares of the company are sold short.

Institutional Investors Weigh In On Biomea Fusion

Several institutional investors have recently made changes to their positions in the company. Quest Partners LLC bought a new position in Biomea Fusion during the 4th quarter valued at about $79,000. Bellevue Group AG bought a new position in shares of Biomea Fusion during the fourth quarter valued at approximately $363,000. Centaurus Financial Inc. purchased a new stake in shares of Biomea Fusion in the fourth quarter worth approximately $102,000. PNC Financial Services Group Inc. bought a new stake in shares of Biomea Fusion during the 4th quarter worth approximately $116,000. Finally, Griffin Asset Management Inc. boosted its holdings in Biomea Fusion by 39.4% during the 1st quarter. Griffin Asset Management Inc. now owns 37,890 shares of the company’s stock valued at $566,000 after acquiring an additional 10,700 shares during the period. Institutional investors own 96.72% of the company’s stock.

Biomea Fusion Price Performance

NASDAQ:BMEA opened at $7.98 on Tuesday. The firm has a market capitalization of $286.84 million, a price-to-earnings ratio of -2.24 and a beta of -0.47. The business has a 50 day simple moving average of $6.24 and a 200-day simple moving average of $9.39. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($1.03) earnings per share for the quarter, meeting the consensus estimate of ($1.03). As a group, analysts expect that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on BMEA shares. Capital One Financial assumed coverage on shares of Biomea Fusion in a research note on Thursday, August 29th. They set an “overweight” rating and a $25.00 target price on the stock. Citigroup lowered their target price on shares of Biomea Fusion from $45.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Barclays lowered Biomea Fusion from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $30.00 to $5.00 in a research note on Friday, June 7th. Oppenheimer cut their price objective on Biomea Fusion from $70.00 to $60.00 and set an “outperform” rating for the company in a research report on Thursday, May 30th. Finally, Piper Sandler lowered their target price on Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating for the company in a research report on Friday, June 7th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.33.

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.