Biomea Fusion, Inc. (NASDAQ:BMEA) Short Interest Down 12.6% in January

Biomea Fusion, Inc. (NASDAQ:BMEA) saw a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 10,730,000 shares, a decrease of 12.6% from the January 15th total of 12,280,000 shares. Approximately 33.9% of the company’s stock are sold short. Based on an average daily volume of 802,000 shares, the short-interest ratio is currently 13.4 days.

Biomea Fusion Stock Performance

Biomea Fusion stock traded up $0.12 during midday trading on Monday, reaching $3.73. 290,171 shares of the stock were exchanged, compared to its average volume of 517,057. The company’s fifty day moving average is $4.25 and its 200-day moving average is $6.79. Biomea Fusion has a 52 week low of $3.25 and a 52 week high of $19.35. The firm has a market cap of $135.17 million, a PE ratio of -0.93 and a beta of -0.34.

Institutional Investors Weigh In On Biomea Fusion

A number of institutional investors and hedge funds have recently made changes to their positions in BMEA. Jacobs Levy Equity Management Inc. bought a new position in Biomea Fusion in the 4th quarter worth about $766,000. Graham Capital Management L.P. purchased a new stake in Biomea Fusion in the fourth quarter valued at approximately $307,000. D. E. Shaw & Co. Inc. bought a new stake in Biomea Fusion during the fourth quarter valued at approximately $453,000. Corton Capital Inc. purchased a new position in Biomea Fusion in the 4th quarter worth approximately $105,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Biomea Fusion in the 4th quarter worth $582,000. Hedge funds and other institutional investors own 96.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Barclays increased their price target on Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. HC Wainwright reiterated a “buy” rating and set a $40.00 target price on shares of Biomea Fusion in a research note on Tuesday, January 14th. Piper Sandler increased their price target 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. Finally, D. Boral Capital reissued a “buy” rating and set a $128.00 target price on shares of Biomea Fusion in a research report on Friday, January 10th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus 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.