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

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 shares of the company are sold short. Based on an average daily volume of 802,000 shares, the days-to-cover ratio is currently 13.4 days.

Biomea Fusion Stock Performance

BMEA traded up $0.12 during midday trading on Monday, hitting $3.73. The stock had a trading volume of 290,171 shares, compared to its average volume of 517,057. The company has a market cap of $135.17 million, a P/E ratio of -0.93 and a beta of -0.34. Biomea Fusion has a 1 year low of $3.25 and a 1 year high of $19.35. The business has a fifty day moving average of $4.25 and a 200 day moving average of $6.79.

Institutional Trading of Biomea Fusion

A number of hedge funds and other institutional investors have recently modified their holdings of BMEA. Renaissance Technologies LLC raised its position in Biomea Fusion by 317.7% during the fourth quarter. Renaissance Technologies LLC now owns 343,732 shares of the company’s stock valued at $1,334,000 after purchasing an additional 261,432 shares during the period. Walleye Capital LLC purchased a new stake in Biomea Fusion during the 4th quarter valued at about $914,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Biomea Fusion in the 4th quarter valued at $766,000. Cubist Systematic Strategies LLC acquired a new position in shares of Biomea Fusion in the 4th quarter valued at about $582,000. Finally, Federated Hermes Inc. purchased a new stake in Biomea Fusion during the fourth quarter worth $463,000. 96.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BMEA has been the subject of several analyst reports. Piper Sandler lifted their price objective on shares of Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Barclays raised their price objective 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. D. Boral Capital reaffirmed a “buy” rating and set a $128.00 price target on shares of Biomea Fusion in a report on Friday, January 10th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $40.00 target price on shares of Biomea Fusion in a research note on Tuesday, January 14th. Two equities 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $39.36.

Biomea Fusion Company Profile

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.