Short Interest in Biomea Fusion, Inc. (NASDAQ:BMEA) Drops By 12.6%

Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) was the recipient of a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 10,730,000 shares, a decrease of 12.6% from the January 15th total of 12,280,000 shares. Currently, 33.9% of the shares of the company are sold short. Based on an average daily trading volume, of 802,000 shares, the days-to-cover ratio is currently 13.4 days.

Analysts Set New Price Targets

BMEA has been the subject of a number of recent research reports. Piper Sandler upped their price objective on Biomea Fusion from $10.00 to $19.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. Barclays boosted their price target on Biomea Fusion from $9.00 to $11.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 30th. HC Wainwright reiterated a "buy" rating and set a $40.00 price target on shares of Biomea Fusion in a research report on Tuesday, January 14th. Finally, D. Boral Capital reiterated a "buy" rating and set a $128.00 price target on shares of Biomea Fusion in a research report on Friday, January 10th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $39.36.

Institutional Trading of Biomea Fusion

Several institutional investors have recently modified their holdings of the company. Wexford Capital LP lifted its holdings in shares of Biomea Fusion by 2.3% in the fourth quarter. Wexford Capital LP now owns 133,343 shares of the company's stock valued at $517,000 after buying an additional 3,007 shares during the period. Two Sigma Advisers LP lifted its holdings in shares of Biomea Fusion by 290.7% in the fourth quarter. Two Sigma Advisers LP now owns 459,500 shares of the company's stock valued at $1,783,000 after buying an additional 341,900 shares during the period. Two Sigma Investments LP lifted its holdings in shares of Biomea Fusion by 104.4% in the fourth quarter. Two Sigma Investments LP now owns 559,930 shares of the company's stock valued at $2,173,000 after buying an additional 286,049 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Biomea Fusion during the fourth quarter valued at $766,000. Finally, Graham Capital Management L.P. purchased a new stake in shares of Biomea Fusion during the fourth quarter valued at $307,000. Institutional investors and hedge funds own 96.72% of the company's stock.

Biomea Fusion Price Performance

Shares of Biomea Fusion stock traded up $0.08 during trading on Thursday, hitting $3.65. The stock had a trading volume of 241,886 shares, compared to its average volume of 618,148. The firm has a market cap of $132.28 million, a P/E ratio of -0.91 and a beta of -0.34. The business has a fifty day moving average of $4.07 and a two-hundred day moving average of $6.72. Biomea Fusion has a fifty-two week low of $3.25 and a fifty-two week high of $19.35.

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, a covalent inhibitor of menin for treating patients with liquid and solid tumors and type 2 diabetes.