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

Biomea Fusion, Inc. (NASDAQ:BMEA) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totalling 7,700,000 shares, a growth of 7.8% from the August 15th total of 7,140,000 shares. Based on an average daily volume of 1,110,000 shares, the short-interest ratio is presently 6.9 days. Approximately 27.5% of the company’s stock are short sold.

Wall Street Analyst Weigh In

Several analysts have issued reports on BMEA shares. Truist Financial cut Biomea Fusion from a “buy” rating to a “hold” rating in a research note on Tuesday, June 11th. Piper Sandler decreased their price objective on shares of Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating for the company in a report on Friday, June 7th. Oppenheimer dropped their target price on shares of Biomea Fusion from $70.00 to $60.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Scotiabank decreased their price target on shares of Biomea Fusion from $41.00 to $21.00 and set a “sector outperform” rating for the company in a report on Friday, June 7th. Finally, Citigroup lowered their price objective on shares of Biomea Fusion from $45.00 to $22.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Three equities 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, Biomea Fusion currently has an average rating of “Moderate Buy” and an average price target of $25.33.

Biomea Fusion Stock Up 5.2 %

Shares of NASDAQ:BMEA opened at $8.69 on Thursday. The company’s 50-day moving average price is $6.39 and its 200 day moving average price is $9.32. The company has a market cap of $312.36 million, a PE ratio of -2.43 and a beta of -0.47. Biomea Fusion has a fifty-two week low of $3.61 and a fifty-two week high of $22.74.

Biomea Fusion (NASDAQ:BMEA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($1.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.03). As a group, equities analysts anticipate that Biomea Fusion will post -4.09 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Biomea Fusion during the second quarter valued at about $36,000. High Net Worth Advisory Group LLC acquired a new position in Biomea Fusion during the 2nd quarter valued at about $45,000. Scientech Research LLC bought a new stake in shares of Biomea Fusion during the 2nd quarter worth about $46,000. DRW Securities LLC acquired a new stake in shares of Biomea Fusion in the 2nd quarter worth approximately $55,000. Finally, Quest Partners LLC acquired a new position in shares of Biomea Fusion during the fourth quarter valued at approximately $79,000. Institutional investors and hedge funds 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.