Biomea Fusion, Inc. (NASDAQ:BMEA) Sees Large Decrease in Short Interest
Biomea Fusion, Inc. (NASDAQ:BMEA) experienced a significant decrease in short interest in June, with shares decreasing by 33.5%. The days-to-cover ratio is currently 5.9 days. The company's stock price has been fluctuating, reaching a 52-week high of $23.92 and a 52-week low of $3.61. Analysts have issued varying ratings for the stock, with an average rating of "Moderate Buy". Biomea Fusion focuses on the development of covalent small molecule drugs for genetically defined cancers and metabolic diseases.
Biomea Fusion, Inc. (NASDAQ:BMEA - Get Free Report) saw a significant decrease in short interest during the month of June. As of June 30th, there was short interest totalling 7,840,000 shares, a decrease of 33.5% from the June 15th total of 11,790,000 shares. Based on an average daily trading volume, of 1,320,000 shares, the short-interest ratio is currently 5.9 days. Approximately 28.2% of the shares of the stock are short sold.
Get Biomea Fusion alerts:
Biomea Fusion Price Performance
- Are (More) Big Gains Ahead for This Small Cap Biotech Stock?
BMEA traded up $0.33 during trading hours on Friday, reaching $5.29. 693,205 shares of the company's stock traded hands, compared to its average volume of 1,301,165. The firm has a 50-day moving average price of $8.03 and a 200 day moving average price of $12.70. Biomea Fusion has a 52-week low of $3.61 and a 52-week high of $23.92.
Biomea Fusion (NASDAQ:BMEA - Get Free Report) last released its earnings results on Thursday, May 2nd. The company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of ($1.02) by ($0.07). As a group, sell-side analysts anticipate that Biomea Fusion will post -4.09 EPS for the current year.
Institutional Investors Weigh In On Biomea Fusion
Large investors have recently added to or reduced their stakes in the stock. Signaturefd LLC bought a new stake in shares of Biomea Fusion during the fourth quarter valued at approximately $36,000. Grove Bank & Trust bought a new stake in Biomea Fusion during the 4th quarter valued at $56,000. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Biomea Fusion by 348.5% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 4,131 shares of the company's stock worth $60,000 after buying an additional 3,210 shares during the period. Quest Partners LLC bought a new position in shares of Biomea Fusion during the 4th quarter worth $79,000. Finally, Centaurus Financial Inc. purchased a new position in shares of Biomea Fusion during the fourth quarter valued at $102,000. 96.72% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on the company. HC Wainwright reaffirmed a "buy" rating and set a $15.00 price objective on shares of Biomea Fusion in a report on Tuesday, June 25th. Oppenheimer decreased their price target on shares of Biomea Fusion from $70.00 to $60.00 and set an "outperform" rating on the stock in a research note on Thursday, May 30th. Citigroup dropped their price objective on shares of Biomea Fusion from $90.00 to $45.00 and set a "buy" rating for the company in a research note on Friday, June 7th. Scotiabank reduced their target price on shares of Biomea Fusion from $41.00 to $21.00 and set a "sector outperform" rating on the stock in a report on Friday, June 7th. Finally, Barclays downgraded shares of Biomea Fusion from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $30.00 to $5.00 in a report on Friday, June 7th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Biomea Fusion currently has an average rating of "Moderate Buy" and an average target price of $28.25.
Check Out Our Latest Analysis on Biomea Fusion
About Biomea Fusion
(Get Free Report)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.
Recommended Stories
- Five stocks we like better than Biomea Fusion
- CD Calculator: Certificate of Deposit Calculator
- MarketBeat Week in Review – 7/8 - 7/12
- Why Invest in High-Yield Dividend Stocks?
- Why This Banking Stock Might Be Nearing the Bottom of Its Cycle
- Investing In Automotive Stocks
- Top 3 Beverage Stocks: Summer Earnings Reveal Key Trends
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
→ Don’t say I didn’t warn you… (From Porter & Company) (Ad)
Should you invest $1,000 in Biomea Fusion right now?
Before you consider Biomea Fusion, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Biomea Fusion wasn't on the list.
While Biomea Fusion currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
