Forty Seven (NASDAQ:FTSV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $20.00 price target on the stock. Zacks Investment Research‘s target price suggests a potential upside of 26.34% from the company’s current price.
According to Zacks, “Forty Seven, Inc. is a clinical-stage immuno-oncology company. It focused on developing novel checkpoint therapies to activate macrophages in the fight against cancer. The company’s product candidate consists of 5F9, is an IgG4 monoclonal antibody against CD47 which is designed to interfere with recognition of CD47 by the SIRP? receptor on macrophages. Forty Seven, Inc. is based in CA, United States. “
Several other research analysts also recently weighed in on the stock. FIG Partners initiated coverage on shares of Forty Seven in a research report on Friday, February 1st. They set a “buy” rating and a $30.00 price target for the company. HC Wainwright restated a “buy” rating and set a $21.00 price target on shares of Forty Seven in a research report on Monday, January 14th. Oppenheimer restated a “buy” rating on shares of Forty Seven in a research report on Tuesday, March 19th. Finally, Guggenheim initiated coverage on shares of Forty Seven in a research report on Friday, April 12th. They set a “buy” rating for the company. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $26.75.
Forty Seven (NASDAQ:FTSV) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.14). Sell-side analysts expect that Forty Seven will post -2.61 EPS for the current year.
In related news, insider Chris H. Takimoto sold 8,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $17.99, for a total transaction of $143,920.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Irving Weissman sold 9,900 shares of the company’s stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $17.11, for a total transaction of $169,389.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 191,884 shares of company stock valued at $3,348,369. Insiders own 37.40% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp purchased a new position in shares of Forty Seven during the third quarter valued at approximately $196,000. BlackRock Inc. boosted its position in shares of Forty Seven by 1,203.9% during the third quarter. BlackRock Inc. now owns 446,363 shares of the company’s stock valued at $6,659,000 after buying an additional 412,129 shares during the last quarter. Credit Suisse AG purchased a new position in shares of Forty Seven during the third quarter valued at approximately $209,000. JPMorgan Chase & Co. boosted its position in shares of Forty Seven by 51.2% during the third quarter. JPMorgan Chase & Co. now owns 346,066 shares of the company’s stock valued at $5,164,000 after buying an additional 117,142 shares during the last quarter. Finally, Teachers Advisors LLC purchased a new position in shares of Forty Seven during the third quarter valued at approximately $157,000. Hedge funds and other institutional investors own 43.70% of the company’s stock.
About Forty Seven
Forty Seven Inc, a clinical-stage immuno-oncology company, focuses on developing therapies to activate macrophages for the treatment of cancer. It is developing 5F9, a humanized IgG4 subclass monoclonal antibody against CD47 that is in Phase 1b/2 clinical trials used for the treatment of cancer; FSI-189, an antibody that binds to SIRPa; and FSI-174, an anti-cKIT antibody.
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