Short Interest in Biomea Fusion, Inc. (NASDAQ:BMEA) Expands By 11.0%

Biomea Fusion, Inc. (NASDAQ:BMEA) was the recipient of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 9,410,000 shares, a growth of 11.0% from the October 31st total of 8,480,000 shares. Approximately 29.7% of the company’s shares are short sold. Based on an average daily trading volume, of 779,800 shares, the short-interest ratio is presently 12.1 days.

Biomea Fusion Trading Down 5.5 %

NASDAQ:BMEA opened at $6.87 on Wednesday. The stock has a 50-day simple moving average of $9.24 and a 200 day simple moving average of $7.68. Biomea Fusion has a one year low of $3.61 and a one year high of $22.74.

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

Insider Activity at Biomea Fusion

In other Biomea Fusion news, Director Michael J.M. Hitchcock bought 10,000 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were acquired at an average price of $10.06 per share, with a total value of $100,600.00. Following the purchase, the director now owns 15,000 shares in the company, valued at approximately $150,900. The trade was a 200.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 27.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BMEA. Point72 Asia Singapore Pte. Ltd. acquired a new position in Biomea Fusion during the 2nd quarter valued at about $36,000. High Net Worth Advisory Group LLC acquired a new position in shares of Biomea Fusion during the second quarter valued at approximately $45,000. Scientech Research LLC bought a new stake in Biomea Fusion during the second quarter worth approximately $46,000. DRW Securities LLC acquired a new stake in Biomea Fusion in the second quarter worth approximately $55,000. Finally, China Universal Asset Management Co. Ltd. lifted its position in Biomea Fusion by 64.9% in the third quarter. China Universal Asset Management Co. Ltd. now owns 6,964 shares of the company’s stock worth $70,000 after purchasing an additional 2,741 shares during the period. 96.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BMEA has been the subject of several analyst reports. Capital One Financial began coverage on Biomea Fusion in a research report on Thursday, August 29th. They issued an “overweight” rating and a $25.00 target price for the company. Truist Financial upgraded Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a report on Friday, September 27th. Barclays lifted 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 note on Wednesday, October 30th. Piper Sandler upped their target price on shares of Biomea Fusion from $10.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Rodman & Renshaw raised shares of Biomea Fusion from a “neutral” rating to a “buy” rating and set a $18.00 price target for the company in a report on Thursday, September 26th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Biomea Fusion presently has an average rating of “Buy” and a consensus price target of $39.36.

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.