Short Interest in Biomea Fusion, Inc. (NASDAQ:BMEA) Decreases By 78.2%

Biomea Fusion, Inc. (NASDAQ:BMEA – Get Rating) saw a significant drop in short interest in the month of July. As of July 15th, there was short interest totalling 545,300 shares, a drop of 78.2% from the June 30th total of 2,500,000 shares. Based on an average daily trading volume, of 236,300 shares, the days-to-cover ratio is presently 2.3 days. Approximately 2.4% of the company’s stock are short sold.

Biomea Fusion Trading Up 1.5 %

NASDAQ:BMEA opened at $11.43 on Friday. Biomea Fusion has a 12 month low of $2.84 and a 12 month high of $14.85. The firm has a fifty day simple moving average of $9.30 and a 200-day simple moving average of $6.84. The company has a market capitalization of $333.40 million, a P/E ratio of -6.25 and a beta of -3.10.

Biomea Fusion (NASDAQ:BMEA – Get Rating) last posted its quarterly earnings data on Monday, May 16th. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.03). Equities analysts forecast that Biomea Fusion will post -2.48 EPS for the current year.

Analyst Upgrades and Downgrades

BMEA has been the subject of several recent analyst reports. HC Wainwright restated a “buy” rating and issued a $16.00 target price on shares of Biomea Fusion in a research note on Thursday, June 2nd. Piper Sandler lowered their target price on shares of Biomea Fusion from $25.00 to $16.00 in a research note on Friday, May 27th.

Insider Activity at Biomea Fusion

In related news, major shareholder A2a Pharmaceuticals, Inc. sold 34,658 shares of Biomea Fusion stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $11.21, for a total transaction of $388,516.18. Following the transaction, the insider now directly owns 4,330,684 shares of the company’s stock, valued at $48,546,967.64. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Institutional Investors Weigh In On Biomea Fusion

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new position in shares of Biomea Fusion during the first quarter worth $152,000. Strs Ohio raised its holdings in shares of Biomea Fusion by 150.0% during the fourth quarter. Strs Ohio now owns 5,000 shares of the company’s stock worth $37,000 after purchasing an additional 3,000 shares during the last quarter. State Street Corp raised its holdings in shares of Biomea Fusion by 27.4% during the first quarter. State Street Corp now owns 264,311 shares of the company’s stock worth $1,179,000 after purchasing an additional 56,802 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Biomea Fusion by 48.7% during the first quarter. Bank of America Corp DE now owns 189,411 shares of the company’s stock worth $845,000 after purchasing an additional 62,056 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Biomea Fusion by 5.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 53,280 shares of the company’s stock worth $238,000 after purchasing an additional 2,671 shares during the last quarter. 58.82% of the stock is currently owned by institutional investors and hedge funds.

Biomea Fusion Company Profile

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Biomea Fusion, Inc, a biopharmaceutical company, focuses on the discovery and development of irreversible small molecules to treat patients with genetically defined cancers and metabolic diseases. Its lead product candidate is BMF-219, an orally bioavailable, potent, and selective irreversible inhibitor of menin, a transcriptional regulator in oncogenic signaling in multiple cancers.