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Biomea Fusion, Inc. (NASDAQ:BMEA) Sees Significant Decrease in Short Interest

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Biomea Fusion, Inc. (NASDAQ:BMEA – Get Rating) was the recipient of a large decline in short interest in August. As of August 15th, there was short interest totalling 353,000 shares, a decline of 21.8% from the July 31st total of 451,600 shares. Currently, 1.5% of the shares of the stock are short sold. Based on an average daily volume of 207,300 shares, the short-interest ratio is currently 1.7 days.

Biomea Fusion Stock Down 5.8 %

Shares of NASDAQ BMEA traded down $0.68 during mid-day trading on Tuesday, reaching $11.06. 59,861 shares of the company were exchanged, compared to its average volume of 173,555. Biomea Fusion has a 52 week low of $2.84 and a 52 week high of $14.85. The stock has a market capitalization of $323.96 million, a PE ratio of -5.29 and a beta of -2.77. The company's 50 day moving average price is $11.44 and its 200 day moving average price is $7.54.

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Biomea Fusion (NASDAQ:BMEA – Get Rating) last posted its quarterly earnings data on Monday, August 1st. The company reported ($0.59) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.60) by $0.01. On average, sell-side analysts predict that Biomea Fusion will post -2.51 earnings per share for the current year.

Insider Activity

In other news, major shareholder A2a Pharmaceuticals, Inc. sold 34,658 shares of the business's stock in a transaction 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 completion of the transaction, the insider now directly owns 4,330,684 shares in the company, valued at approximately $48,546,967.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 45.70% of the company's stock.

Institutional Trading of Biomea Fusion

Several hedge funds have recently added to or reduced their stakes in BMEA. Northern Trust Corp lifted its stake in Biomea Fusion by 111.3% in the fourth quarter. Northern Trust Corp now owns 173,948 shares of the company's stock worth $1,296,000 after purchasing an additional 91,641 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in Biomea Fusion in the fourth quarter worth $234,000. DAFNA Capital Management LLC bought a new stake in Biomea Fusion in the fourth quarter worth $2,339,000. Allspring Global Investments Holdings LLC bought a new stake in Biomea Fusion in the first quarter worth $152,000. Finally, JPMorgan Chase & Co. lifted its stake in Biomea Fusion by 19.0% in the first quarter. JPMorgan Chase & Co. now owns 17,382 shares of the company's stock worth $77,000 after purchasing an additional 2,775 shares during the last quarter. 58.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on BMEA shares. Piper Sandler reduced their price target on shares of Biomea Fusion from $25.00 to $16.00 in a research report on Friday, May 27th. HC Wainwright reaffirmed a "buy" rating and set a $16.00 price objective on shares of Biomea Fusion in a report on Tuesday, August 2nd.

About Biomea Fusion

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Biomea Fusion, Inc, a 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, a transcriptional regulator in oncogenic signaling in multiple cancers.

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