Biomea Fusion, Inc. (NASDAQ:BMEA) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 1,370,000 shares, an increase of 30.5% from the August 15th total of 1,050,000 shares. Currently, 8.5% of the company’s stock are sold short. Based on an average daily volume of 111,500 shares, the short-interest ratio is presently 12.3 days.
Shares of Biomea Fusion stock opened at $10.35 on Tuesday. Biomea Fusion has a twelve month low of $10.00 and a twelve month high of $22.22. The company has a 50-day simple moving average of $12.67.
Biomea Fusion (NASDAQ:BMEA) last announced its earnings results on Tuesday, August 10th. The company reported ($0.33) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.13). As a group, research analysts forecast that Biomea Fusion will post -1.69 earnings per share for the current year.
Hedge funds have recently bought and sold shares of the company. Citigroup Inc. acquired a new position in Biomea Fusion in the second quarter valued at approximately $33,000. Pinz Capital Management LP acquired a new stake in Biomea Fusion in the 2nd quarter valued at approximately $76,000. Bank of America Corp DE purchased a new stake in Biomea Fusion in the second quarter valued at approximately $78,000. Deutsche Bank AG acquired a new position in Biomea Fusion during the second quarter worth $80,000. Finally, JPMorgan Chase & Co. purchased a new position in shares of Biomea Fusion during the second quarter worth $101,000. Institutional investors and hedge funds own 56.80% of the company’s stock.
Separately, Zacks Investment Research cut Biomea Fusion from a “hold” rating to a “sell” rating in a research report on Tuesday, August 17th.
Biomea Fusion Company Profile
Biomea Fusion, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of irreversible small molecules to treat patients with genetically defined cancers. 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.
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