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

Biomea Fusion, Inc. (NASDAQ:BMEA) saw a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 11,540,000 shares, a growth of 6.2% from the December 31st total of 10,870,000 shares. Based on an average daily trading volume, of 891,600 shares, the short-interest ratio is presently 12.9 days. Approximately 36.5% of the company’s shares are short sold.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC purchased a new stake in Biomea Fusion during the 2nd quarter valued at about $109,000. Squarepoint Ops LLC purchased a new stake in Biomea Fusion during the 2nd quarter valued at about $237,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Biomea Fusion in the 2nd quarter valued at about $36,000. Exchange Traded Concepts LLC lifted its holdings in shares of Biomea Fusion by 62.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company’s stock valued at $212,000 after buying an additional 8,079 shares during the period. Finally, Griffin Asset Management Inc. lifted its holdings in shares of Biomea Fusion by 147.0% in the 3rd quarter. Griffin Asset Management Inc. now owns 96,070 shares of the company’s stock valued at $970,000 after buying an additional 57,180 shares during the period. 96.72% of the stock is currently owned by hedge funds and other institutional investors.

Biomea Fusion Price Performance

NASDAQ:BMEA opened at $3.93 on Tuesday. The business has a fifty day simple moving average of $4.79 and a two-hundred day simple moving average of $6.90. The company has a market capitalization of $142.42 million, a P/E ratio of -0.98 and a beta of -0.34. Biomea Fusion has a 1 year low of $3.61 and a 1 year high of $19.89.

Analyst Ratings Changes

A number of brokerages recently commented on BMEA. EF Hutton Acquisition Co. I raised Biomea Fusion to a “strong-buy” rating in a research report on Wednesday, October 9th. Barclays upped their price target on Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Piper Sandler upped their price target on Biomea Fusion from $10.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. D. Boral Capital reaffirmed a “buy” rating and set a $128.00 price target on shares of Biomea Fusion in a research note on Friday, January 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $40.00 target price on shares of Biomea Fusion in a research note on Tuesday, January 14th. Two research 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. According to MarketBeat.com, Biomea Fusion has a consensus rating of “Buy” and a consensus 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.