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

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

Institutional Trading of Biomea Fusion

Hedge funds and other institutional investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. raised its stake in Biomea Fusion by 64.9% in the 3rd 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 in the last quarter. Bayesian Capital Management LP acquired a new position in shares of Biomea Fusion in the 4th quarter valued at approximately $42,000. The Manufacturers Life Insurance Company acquired a new position in shares of Biomea Fusion in the 3rd quarter valued at approximately $111,000. Wells Fargo & Company MN raised its position in shares of Biomea Fusion by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 12,914 shares of the company’s stock valued at $50,000 after buying an additional 4,399 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Biomea Fusion in the 4th quarter valued at approximately $54,000. Institutional investors and hedge funds own 96.72% of the company’s stock.

Biomea Fusion Stock Up 3.4 %

Shares of Biomea Fusion stock opened at $3.86 on Tuesday. Biomea Fusion has a twelve month low of $3.25 and a twelve month high of $19.35. The company has a 50-day simple moving average of $4.21 and a two-hundred day simple moving average of $6.78. The stock has a market capitalization of $139.71 million, a price-to-earnings ratio of -0.96 and a beta of -0.34.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BMEA. HC Wainwright restated a “buy” rating and set a $40.00 price objective on shares of Biomea Fusion in a report on Tuesday, January 14th. D. Boral Capital reaffirmed a “buy” rating and set a $128.00 price target on shares of Biomea Fusion in a report on Friday, January 10th. Barclays upped their price target on Biomea Fusion from $9.00 to $11.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Finally, Piper Sandler upped their price target on Biomea Fusion from $10.00 to $19.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Two investment 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $39.36.

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.