Biomea Fusion, Inc. (NASDAQ:BMEA) Short Interest Up 18.2% in March

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

Institutional Trading of Biomea Fusion

Several institutional investors and hedge funds have recently modified their holdings of BMEA. Ameritas Investment Partners Inc. purchased a new stake in shares of Biomea Fusion in the second quarter worth approximately $36,000. Signaturefd LLC purchased a new stake in shares of Biomea Fusion in the fourth quarter worth approximately $36,000. UBS Group AG raised its stake in shares of Biomea Fusion by 3,980.0% in the third quarter. UBS Group AG now owns 4,080 shares of the company’s stock worth $40,000 after purchasing an additional 3,980 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Biomea Fusion by 316.3% in the third quarter. Tower Research Capital LLC TRC now owns 3,251 shares of the company’s stock worth $45,000 after purchasing an additional 2,470 shares during the last quarter. Finally, Grove Bank & Trust purchased a new stake in shares of Biomea Fusion in the fourth quarter worth approximately $56,000. 96.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BMEA. HC Wainwright restated a “buy” rating and set a $50.00 price objective on shares of Biomea Fusion in a research report on Monday, April 1st. Oppenheimer reiterated an “outperform” rating and issued a $70.00 price target on shares of Biomea Fusion in a research report on Wednesday, April 3rd. Truist Financial reiterated a “buy” rating and issued a $55.00 price target on shares of Biomea Fusion in a research report on Monday, April 1st. 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 research report on Tuesday, April 2nd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Biomea Fusion currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.13.

Biomea Fusion Stock Performance

BMEA stock opened at $12.51 on Tuesday. The stock’s 50 day simple moving average is $15.93 and its 200 day simple moving average is $14.19. Biomea Fusion has a fifty-two week low of $8.13 and a fifty-two week high of $43.69. The company has a market cap of $448.98 million, a P/E ratio of -3.62 and a beta of -0.52.

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.