Short Interest in Biomea Fusion, Inc. (NASDAQ:BMEA) Declines By 33.5%

Biomea Fusion, Inc. (NASDAQ:BMEA) was the target of a significant decline in short interest in June. As of June 30th, there was short interest totalling 7,840,000 shares, a decline of 33.5% from the June 15th total of 11,790,000 shares. Approximately 28.2% of the shares of the stock are sold short. Based on an average daily volume of 1,320,000 shares, the short-interest ratio is currently 5.9 days.

Biomea Fusion Price Performance

Shares of BMEA stock traded up $0.07 on Monday, reaching $5.36. 735,674 shares of the company were exchanged, compared to its average volume of 1,157,630. The company has a 50-day moving average of $8.03 and a 200-day moving average of $12.67. Biomea Fusion has a one year low of $3.61 and a one year high of $23.92.

Biomea Fusion (NASDAQ:BMEA) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.02) by ($0.07). Equities research analysts expect that Biomea Fusion will post -4.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BMEA has been the subject of several research analyst reports. Citigroup lowered their price target on shares of Biomea Fusion from $90.00 to $45.00 and set a “buy” rating for the company in a report on Friday, June 7th. HC Wainwright reiterated a “buy” rating and set a $15.00 price target on shares of Biomea Fusion in a report on Tuesday, June 25th. JPMorgan Chase & Co. upped their price target on shares of Biomea Fusion from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, May 3rd. Piper Sandler reduced their price objective on shares of Biomea Fusion from $45.00 to $10.00 and set an “overweight” rating on the stock in a research note on Friday, June 7th. Finally, Barclays cut shares of Biomea Fusion from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $30.00 to $5.00 in a research note on Friday, June 7th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.25.

Hedge Funds Weigh In On Biomea Fusion

A number of institutional investors and hedge funds have recently made changes to their positions in BMEA. Signaturefd LLC acquired a new stake in shares of Biomea Fusion in the 4th quarter worth about $36,000. Grove Bank & Trust acquired a new stake in shares of Biomea Fusion in the 4th quarter worth about $56,000. China Universal Asset Management Co. Ltd. raised its holdings in shares of Biomea Fusion by 348.5% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 4,131 shares of the company’s stock worth $60,000 after acquiring an additional 3,210 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of Biomea Fusion in the 4th quarter worth about $79,000. Finally, Centaurus Financial Inc. acquired a new stake in shares of Biomea Fusion in the 4th quarter worth about $102,000. Institutional investors own 96.72% of the company’s stock.

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.