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

Biomea Fusion, Inc. (NASDAQ:BMEA) saw a large growth in short interest in 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. Approximately 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 currently 13.0 days.

Biomea Fusion Trading Down 3.6 %

NASDAQ BMEA opened at $12.51 on Tuesday. The company has a fifty day simple moving average of $15.93 and a two-hundred day simple moving average of $14.19. The stock has a market cap of $448.98 million, a P/E ratio of -3.62 and a beta of -0.52. Biomea Fusion has a 12-month low of $8.13 and a 12-month high of $43.69.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Truist Financial restated a “buy” rating and issued a $55.00 target price on shares of Biomea Fusion in a research note on Monday, April 1st. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $14.00 price objective (down from $51.00) on shares of Biomea Fusion in a research note on Tuesday, April 2nd. HC Wainwright reiterated a “buy” rating and set a $50.00 price objective on shares of Biomea Fusion in a research note on Monday, April 1st. Finally, Oppenheimer reiterated an “outperform” rating and set a $70.00 price objective on shares of Biomea Fusion in a research note on Wednesday, April 3rd. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.13.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. purchased a new position in shares of Biomea Fusion during the fourth quarter worth $116,000. Vanguard Group Inc. raised its holdings in shares of Biomea Fusion by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 1,349,999 shares of the company’s stock worth $19,602,000 after purchasing an additional 10,571 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Biomea Fusion during the fourth quarter worth $1,242,000. Goldman Sachs Group Inc. raised its holdings in shares of Biomea Fusion by 24.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 171,888 shares of the company’s stock worth $2,496,000 after purchasing an additional 34,139 shares during the last quarter. Finally, Centaurus Financial Inc. purchased a new position in shares of Biomea Fusion during the fourth quarter worth $102,000. Hedge funds and other institutional investors own 96.72% of the company’s stock.

Biomea Fusion Company Profile

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.