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

Biomea Fusion, Inc. (NASDAQ:BMEA) was the recipient of a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 10,730,000 shares, a decline of 12.6% from the January 15th total of 12,280,000 shares. Currently, 33.9% of the company’s shares are short sold. Based on an average trading volume of 802,000 shares, the days-to-cover ratio is presently 13.4 days.

Analysts Set New Price Targets

BMEA has been the topic of a number of research reports. Barclays boosted their target price on shares of Biomea Fusion from $9.00 to $11.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. D. Boral Capital reissued a “buy” rating and set a $128.00 target price on shares of Biomea Fusion in a report on Friday, January 10th. Piper Sandler boosted their target price on shares of Biomea Fusion from $10.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, HC Wainwright restated a “buy” rating and issued a $40.00 price target on shares of Biomea Fusion in a research report on Tuesday, January 14th. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $39.36.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BMEA. Two Sigma Advisers LP grew its holdings in shares of Biomea Fusion by 290.7% during the fourth quarter. Two Sigma Advisers LP now owns 459,500 shares of the company’s stock valued at $1,783,000 after buying an additional 341,900 shares during the last quarter. Two Sigma Investments LP boosted its holdings in Biomea Fusion by 104.4% during the fourth quarter. Two Sigma Investments LP now owns 559,930 shares of the company’s stock worth $2,173,000 after purchasing an additional 286,049 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Biomea Fusion by 317.7% during the fourth quarter. Renaissance Technologies LLC now owns 343,732 shares of the company’s stock worth $1,334,000 after purchasing an additional 261,432 shares during the last quarter. Walleye Capital LLC purchased a new position in Biomea Fusion during the fourth quarter worth about $914,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in Biomea Fusion during the fourth quarter worth about $766,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.

Biomea Fusion Price Performance

Shares of NASDAQ BMEA opened at $3.86 on Tuesday. The stock has a market capitalization of $139.71 million, a P/E ratio of -0.96 and a beta of -0.34. The company has a 50-day moving average price of $4.21 and a 200-day moving average price of $6.78. Biomea Fusion has a 1 year low of $3.25 and a 1 year high of $19.35.

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.