Biomea Fusion, Inc. (NASDAQ:BMEA) Sees Large Increase in Short Interest

Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) saw a large increase in short interest in 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. Currently, 47.8% of the company's shares are sold short. Based on an average daily volume of 1,020,000 shares, the days-to-cover ratio is presently 13.0 days.

Institutional Investors Weigh In On Biomea Fusion

Large investors have recently modified their holdings of the stock. Renaissance Technologies LLC raised its stake in shares of Biomea Fusion by 1.9% during the fourth quarter. Renaissance Technologies LLC now owns 63,000 shares of the company's stock valued at $531,000 after purchasing an additional 1,200 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in shares of Biomea Fusion during the second quarter valued at about $36,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Biomea Fusion by 89.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,744 shares of the company's stock worth $65,000 after acquiring an additional 2,242 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Biomea Fusion by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 9,248 shares of the company's stock worth $134,000 after acquiring an additional 2,345 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Biomea Fusion by 1.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 176,797 shares of the company's stock valued at $2,567,000 after purchasing an additional 2,369 shares during the last quarter. Institutional investors and hedge funds own 96.72% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BMEA. HC Wainwright restated a "buy" rating and set a $50.00 price objective on shares of Biomea Fusion in a report on Monday, April 1st. Truist Financial reiterated a "buy" rating and set a $55.00 price objective on shares of Biomea Fusion in a report on Monday, April 1st. Oppenheimer reaffirmed an "outperform" rating and set a $70.00 price target on shares of Biomea Fusion in a research report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $14.00 price target (down previously from $51.00) on shares of Biomea Fusion in a report on Tuesday, April 2nd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Biomea Fusion has a consensus rating of "Moderate Buy" and a consensus target price of $53.13.

Biomea Fusion Price Performance

NASDAQ BMEA traded down $0.30 during trading hours on Friday, hitting $12.98. The company had a trading volume of 1,031,628 shares, compared to its average volume of 1,243,242. The firm's 50 day moving average is $16.06 and its 200 day moving average is $14.19. The company has a market capitalization of $465.85 million, a price-to-earnings ratio of -3.75 and a beta of -0.53. Biomea Fusion has a fifty-two week low of $8.13 and a fifty-two week high of $43.69.

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