Biomea Fusion, Inc. (NASDAQ:BMEA) Short Interest Up 6.9% in March

Biomea Fusion, Inc. (NASDAQ:BMEAGet Free Report) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 11,200,000 shares, an increase of 6.9% from the February 29th total of 10,480,000 shares. Based on an average trading volume of 976,000 shares, the days-to-cover ratio is currently 11.5 days. Approximately 40.6% of the shares of the company are sold short.

Biomea Fusion Stock Performance

Shares of BMEA opened at $15.30 on Tuesday. The stock has a market capitalization of $546.36 million, a price-to-earnings ratio of -4.58 and a beta of -0.52. Biomea Fusion has a 52 week low of $8.13 and a 52 week high of $43.69. The stock has a fifty day moving average of $16.83 and a 200-day moving average of $14.29.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Citigroup reaffirmed a “buy” rating and set a $90.00 price target on shares of Biomea Fusion in a research report on Friday, December 8th. Truist Financial reiterated a “buy” rating and issued a $55.00 price target on shares of Biomea Fusion in a research note on Monday. Finally, HC Wainwright reissued a “buy” rating and issued a $50.00 price objective on shares of Biomea Fusion in a research note on Monday. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.63.

Get Our Latest Analysis on BMEA

Institutional Investors Weigh In On Biomea Fusion

Several hedge funds have recently added to or reduced their stakes in the business. Citigroup Inc. lifted its stake in shares of Biomea Fusion by 113.8% in the third quarter. Citigroup Inc. now owns 116,134 shares of the company’s stock worth $1,598,000 after acquiring an additional 61,810 shares during the period. Adage Capital Partners GP L.L.C. raised its holdings in shares of Biomea Fusion by 125.0% during the third quarter. Adage Capital Partners GP L.L.C. now owns 180,000 shares of the company’s stock valued at $2,477,000 after purchasing an additional 100,000 shares during the period. Rafferty Asset Management LLC boosted its position in shares of Biomea Fusion by 70.8% during the 3rd quarter. Rafferty Asset Management LLC now owns 233,848 shares of the company’s stock worth $3,218,000 after purchasing an additional 96,945 shares in the last quarter. Trexquant Investment LP acquired a new stake in shares of Biomea Fusion in the 3rd quarter valued at about $434,000. Finally, FMR LLC increased its position in Biomea Fusion by 0.6% in the 3rd quarter. FMR LLC now owns 5,344,191 shares of the company’s stock valued at $73,536,000 after buying an additional 34,026 shares in the last quarter. 96.72% of the stock is currently owned by institutional investors and hedge funds.

Biomea Fusion Company Profile

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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.

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