Biomea Fusion, Inc. (NASDAQ:BMEA) Sees Large Decline in Short Interest

Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) was the target of a significant decline in short interest during the month of August. As of August 15th, there was short interest totalling 7,140,000 shares, a decline of 8.0% from the July 31st total of 7,760,000 shares. Approximately 25.5% of the company's stock are short sold. Based on an average daily volume of 1,340,000 shares, the days-to-cover ratio is presently 5.3 days.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in shares of Biomea Fusion by 0.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 177,602 shares of the company's stock valued at $2,656,000 after acquiring an additional 1,028 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Biomea Fusion by 12.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,513 shares of the company's stock valued at $232,000 after purchasing an additional 1,712 shares during the period. China Universal Asset Management Co. Ltd. grew its position in shares of Biomea Fusion by 66.1% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 6,862 shares of the company's stock valued at $103,000 after purchasing an additional 2,731 shares in the last quarter. Quest Partners LLC bought a new position in shares of Biomea Fusion in the fourth quarter worth $79,000. Finally, Centaurus Financial Inc. purchased a new stake in shares of Biomea Fusion in the fourth quarter worth $102,000. Hedge funds and other institutional investors own 96.72% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BMEA. Truist Financial downgraded Biomea Fusion from a "buy" rating to a "hold" rating in a research report on Tuesday, June 11th. Capital One Financial started coverage on shares of Biomea Fusion in a report on Thursday. They issued an "overweight" rating and a $25.00 price target on the stock. Barclays downgraded shares of Biomea Fusion from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $30.00 to $5.00 in a report on Friday, June 7th. Piper Sandler dropped their target price on shares of Biomea Fusion from $45.00 to $10.00 and set an "overweight" rating on the stock in a research note on Friday, June 7th. Finally, Citigroup decreased their price target on shares of Biomea Fusion from $45.00 to $22.00 and set a "buy" rating for the company in a research note on Tuesday, August 27th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $25.33.

Biomea Fusion Stock Down 3.8 %

BMEA traded down $0.29 on Monday, hitting $7.33. The company's stock had a trading volume of 1,320,100 shares, compared to its average volume of 1,080,431. Biomea Fusion has a 12 month low of $3.61 and a 12 month high of $22.74. The firm has a market cap of $263.48 million, a P/E ratio of -2.05 and a beta of -0.52. The company's 50 day simple moving average is $5.65 and its 200-day simple moving average is $10.07.

Biomea Fusion (NASDAQ:BMEA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($1.03) EPS for the quarter, hitting analysts' consensus estimates of ($1.03). Equities analysts predict that Biomea Fusion will post -4.09 earnings per share for the current fiscal year.

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.