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

Biomea Fusion, Inc. (NASDAQ:BMEA) was the recipient of a significant growth in short interest during 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. Approximately 36.5% of the company’s shares are short sold. Based on an average daily volume of 891,600 shares, the short-interest ratio is currently 12.9 days.

Hedge Funds Weigh In On Biomea Fusion

Institutional investors and hedge funds have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. grew its position in Biomea Fusion by 64.9% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 6,964 shares of the company’s stock valued at $70,000 after purchasing an additional 2,741 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Biomea Fusion by 0.7% in the third quarter. Geode Capital Management LLC now owns 601,479 shares of the company’s stock worth $6,076,000 after buying an additional 4,291 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Biomea Fusion by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 208,391 shares of the company’s stock valued at $2,105,000 after buying an additional 7,551 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Biomea Fusion during the second quarter valued at approximately $36,000. Finally, Exchange Traded Concepts LLC raised its holdings in Biomea Fusion by 62.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 20,985 shares of the company’s stock worth $212,000 after acquiring an additional 8,079 shares during the last quarter. 96.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BMEA. Barclays boosted their price objective on shares of Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a research report 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 research report on Friday, January 10th. Piper Sandler increased their price objective on Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. HC Wainwright reissued a “buy” rating and set a $40.00 target price on shares of Biomea Fusion in a research note on Tuesday, January 14th. Finally, EF Hutton Acquisition Co. I raised Biomea Fusion to a “strong-buy” rating in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Biomea Fusion currently has an average rating of “Buy” and a consensus target price of $39.36.

Biomea Fusion Stock Up 1.3 %

BMEA stock opened at $3.98 on Wednesday. The business has a 50 day moving average of $4.74 and a 200 day moving average of $6.89. The firm has a market cap of $144.23 million, a PE ratio of -0.99 and a beta of -0.34. Biomea Fusion has a twelve month low of $3.61 and a twelve month high of $19.89.

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.