Biomea Fusion, Inc. (NASDAQ:BMEA) Short Interest Up 11.0% in November

Biomea Fusion, Inc. (NASDAQ:BMEA) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 9,410,000 shares, an increase of 11.0% from the October 31st total of 8,480,000 shares. Approximately 29.7% of the shares of the stock are short sold. Based on an average daily volume of 779,800 shares, the short-interest ratio is currently 12.1 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BMEA shares. EF Hutton Acquisition Co. I upgraded shares of Biomea Fusion to a “strong-buy” rating in a report on Wednesday, October 9th. Capital One Financial started coverage on shares of Biomea Fusion in a report on Thursday, August 29th. They issued an “overweight” rating and a $25.00 price target on the stock. Piper Sandler lifted their price target on shares of Biomea Fusion from $10.00 to $19.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Truist Financial raised shares of Biomea Fusion from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research note on Friday, September 27th. Finally, RODMAN&RENSHAW raised shares of Biomea Fusion to a “strong-buy” rating in a research note on Thursday, September 26th. Two equities research 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 company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $39.36.

Insider Transactions at Biomea Fusion

In other news, Director Michael J.M. Hitchcock bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average price of $10.06 per share, for a total transaction of $100,600.00. Following the completion of the transaction, the director now owns 15,000 shares in the company, valued at $150,900. The trade was a 200.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 27.57% of the company’s stock.

Institutional Inflows and Outflows

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

Biomea Fusion Price Performance

Shares of NASDAQ:BMEA traded down $0.09 during trading on Monday, reaching $7.15. 283,999 shares of the company’s stock traded hands, compared to its average volume of 990,067. Biomea Fusion has a 12 month low of $3.61 and a 12 month high of $22.74. The company has a 50 day moving average of $9.26 and a 200-day moving average of $7.72. The stock has a market capitalization of $259.11 million, a P/E ratio of -1.79 and a beta of -0.41.

Biomea Fusion (NASDAQ:BMEA) last posted its earnings results on Tuesday, October 29th. The company reported ($0.91) EPS for the quarter, topping 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.

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.