BlossomHill Therapeutics, Inc. (NASDAQ:BLSM) Sees Significant Increase in Short Interest

Key Points

• Short interest surged 244.4% to 473,807 shares as of September 30, representing about 1.5% of shares outstanding and 1.6 days of average trading volume.
• Analysts remain broadly positive, with five Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and an average price target of $35.00. The stock recently traded at $17.48, well below its 52-week high of $27.99.
• BlossomHill reported a quarterly loss of $8.75 per share, far below the $0.84 consensus estimate. Meanwhile, insiders bought 1.57 million shares worth approximately $25.2 million over the past 90 days.

BlossomHill Therapeutics, Inc. (NASDAQ:BLSM - Get Free Report) saw a large increase in short interest in September. As of September 30th, there was short interest totaling 473,807 shares, an increase of 244.4% from the September 15th total of 137,567 shares. Based on an average daily volume of 291,746 shares, the short-interest ratio is presently 1.6 days. Approximately 1.5% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on BLSM shares. HC Wainwright reaffirmed a "buy" rating on shares of BlossomHill Therapeutics in a research note on Wednesday, September 30th. Zacks Research upgraded shares of BlossomHill Therapeutics to a "hold" rating in a research note on Wednesday, September 2nd. Lifesci Capital started coverage on shares of BlossomHill Therapeutics in a research note on Tuesday, September 1st. They issued an "outperform" rating and a $32.00 price target on the stock. Leerink Partners increased their price objective on shares of BlossomHill Therapeutics from $36.00 to $40.00 and gave the company an "outperform" rating in a report on Monday, September 21st. Finally, JPMorgan Chase & Co. began coverage on BlossomHill Therapeutics in a research report on Tuesday, September 1st. They set an "overweight" rating and a $28.00 price objective for the company. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $35.00.

BlossomHill Therapeutics Price Performance

NASDAQ:BLSM traded up $0.60 during trading hours on Friday, reaching $17.48. The stock had a trading volume of 131,829 shares, compared to its average volume of 249,355. BlossomHill Therapeutics has a 52 week low of $15.25 and a 52 week high of $27.99. The company's 50 day moving average price is $19.64. The company has a market capitalization of $555.51 million and a PE ratio of -2.00.

BlossomHill Therapeutics (NASDAQ:BLSM - Get Free Report) last posted its earnings results on Friday, September 18th. The company reported ($8.75) EPS for the quarter, missing analysts' consensus estimates of ($0.84) by ($7.91). Sell-side analysts anticipate that BlossomHill Therapeutics will post -5.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other BlossomHill Therapeutics news, General Counsel Vincent Liptak purchased 2,500 shares of the company's stock in a transaction on Friday, August 7th. The stock was acquired at an average cost of $15.80 per share, for a total transaction of $39,500.00. Following the purchase, the general counsel directly owned 109,212 shares of the company's stock, valued at $1,725,549.60. This trade represents a 2.34% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Orbimed Advisors Llc acquired 625,000 shares of the business's stock in a transaction on Monday, August 10th. The shares were bought at an average cost of $16.00 per share, with a total value of $10,000,000.00. Following the completion of the acquisition, the director owned 2,714,279 shares in the company, valued at approximately $43,428,464. This represents a 29.91% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 1,573,900 shares of company stock worth $25,181,900 over the last ninety days.

BlossomHill Therapeutics Company Profile

BlossomHill Therapeutics Inc is a clinical-stage biopharmaceutical company applying an intentional, chemistry-based approach to design and develop small molecule medicines which address significant unmet medical needs in cancer treatment. The company's lead clinical programs include BH-30643. BlossomHill Therapeutics Inc is headquartered in San Diego, California.

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