Biomea Fusion, Inc. (NASDAQ:BMEA) Short Interest Up 5.4% in November

Biomea Fusion, Inc. (NASDAQ:BMEA) was the recipient of a large growth in short interest in the month of November. As of November 30th, there was short interest totalling 9,920,000 shares, a growth of 5.4% from the November 15th total of 9,410,000 shares. Based on an average daily trading volume, of 773,600 shares, the days-to-cover ratio is presently 12.8 days. Currently, 31.4% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Scotiabank boosted their price objective on Biomea Fusion from $21.00 to $41.00 and gave the company a “sector outperform” rating in a research report on Friday, September 27th. Barclays increased their price objective on shares of Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Rodman & Renshaw upgraded shares of Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 target price for the company in a research report on Thursday, September 26th. EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, RODMAN&RENSHAW raised shares of Biomea Fusion to a “strong-buy” rating in a report on Thursday, September 26th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $39.36.

Biomea Fusion Stock Down 12.1 %

BMEA traded down $0.71 during trading on Tuesday, reaching $5.14. The company had a trading volume of 4,126,768 shares, compared to its average volume of 991,741. Biomea Fusion has a 52 week low of $3.61 and a 52 week high of $20.21. The stock has a market cap of $186.27 million, a P/E ratio of -1.25 and a beta of -0.53. The business has a 50 day simple moving average of $8.51 and a 200-day simple moving average of $7.31.

Biomea Fusion (NASDAQ:BMEA) last announced its earnings results on Tuesday, October 29th. The company reported ($0.91) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.94) by $0.03. As a group, equities research analysts expect that Biomea Fusion will post -3.93 EPS for the current fiscal year.

Insider Activity

In related news, Director Michael J.M. Hitchcock bought 10,000 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average cost of $10.06 per share, for a total transaction of $100,600.00. Following the completion of the transaction, the director now owns 15,000 shares of the company’s stock, valued at approximately $150,900. This trade represents a 200.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 27.57% of the company’s stock.

Institutional Trading of Biomea Fusion

A number of large investors have recently made changes to their positions in the stock. SG Americas Securities LLC grew its stake in Biomea Fusion by 90.8% in the 2nd quarter. SG Americas Securities LLC now owns 59,009 shares of the company’s stock worth $266,000 after acquiring an additional 28,085 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Biomea Fusion by 46.0% in the second quarter. Bank of New York Mellon Corp now owns 93,317 shares of the company’s stock worth $420,000 after purchasing an additional 29,400 shares in the last quarter. iA Global Asset Management Inc. purchased a new position in Biomea Fusion during the 2nd quarter worth $174,000. Rhumbline Advisers raised its position in Biomea Fusion by 29.6% during the 2nd quarter. Rhumbline Advisers now owns 36,238 shares of the company’s stock valued at $163,000 after purchasing an additional 8,272 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Biomea Fusion in the 2nd quarter worth $1,481,000. 96.72% of the stock is owned by hedge funds and other institutional investors.

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.