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

Biomea Fusion, Inc. (NASDAQ:BMEA) saw a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 13,240,000 shares, an increase of 18.2% from the March 15th total of 11,200,000 shares. Based on an average daily volume of 1,020,000 shares, the days-to-cover ratio is currently 13.0 days. Approximately 47.8% of the company’s stock are sold short.

Institutional Trading of Biomea Fusion

A number of hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. bought a new position in shares of Biomea Fusion during the 4th quarter worth about $116,000. Vanguard Group Inc. lifted its holdings in shares of Biomea Fusion by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 1,349,999 shares of the company’s stock worth $19,602,000 after acquiring an additional 10,571 shares during the period. Wellington Management Group LLP bought a new position in shares of Biomea Fusion during the 4th quarter worth about $1,242,000. Goldman Sachs Group Inc. lifted its holdings in shares of Biomea Fusion by 24.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 171,888 shares of the company’s stock worth $2,496,000 after acquiring an additional 34,139 shares during the period. Finally, Centaurus Financial Inc. bought a new position in shares of Biomea Fusion during the 4th quarter worth about $102,000. 96.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Oppenheimer restated an “outperform” rating and set a $70.00 price target on shares of Biomea Fusion in a research note on Wednesday, April 3rd. Truist Financial reaffirmed a “buy” rating and set a $55.00 price objective on shares of Biomea Fusion in a report on Monday, April 1st. HC Wainwright reaffirmed a “buy” rating and set a $50.00 price objective on shares of Biomea Fusion in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $14.00 price objective (down from $51.00) on shares of Biomea Fusion in a report on Tuesday, April 2nd. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $53.13.

Biomea Fusion Price Performance

Shares of Biomea Fusion stock opened at $12.51 on Tuesday. Biomea Fusion has a fifty-two week low of $8.13 and a fifty-two week high of $43.69. The firm has a fifty day moving average price of $15.93 and a two-hundred day moving average price of $14.19. The company has a market cap of $448.98 million, a PE ratio of -3.62 and a beta of -0.52.

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, an orally bioavailable, potent, and selective covalent inhibitor of menin for treating patients with liquid and solid tumors and type 2 diabetes.