Forty Seven (NASDAQ:FTSV) Stock Rating Lowered by Zacks Investment Research

Forty Seven (NASDAQ:FTSV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

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. “

Other equities analysts also recently issued reports about the company. Roth Capital initiated coverage on Forty Seven in a research report on Wednesday, May 29th. They set a “buy” rating and a $28.00 price objective for the company. HC Wainwright set a $21.00 target price on Forty Seven and gave the stock a “buy” rating in a research note on Friday, July 12th. Oppenheimer decreased their target price on Forty Seven from $35.00 to $20.00 in a research note on Wednesday, August 14th. Finally, ValuEngine upgraded Forty Seven from a “hold” rating to a “buy” rating in a research note on Friday, August 16th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $23.38.

Shares of NASDAQ:FTSV traded down $0.01 during midday trading on Tuesday, reaching $7.99. 1,853 shares of the company’s stock were exchanged, compared to its average volume of 221,408. The stock has a market cap of $323.79 million, a price-to-earnings ratio of -2.15 and a beta of 1.91. The firm’s 50 day simple moving average is $7.77 and its two-hundred day simple moving average is $12.76. Forty Seven has a fifty-two week low of $6.04 and a fifty-two week high of $23.83.

Forty Seven (NASDAQ:FTSV) last released its earnings results on Tuesday, August 13th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($0.05). On average, analysts expect that Forty Seven will post -2.13 EPS for the current year.

In related news, major shareholder Lightspeed Venture Partners X, acquired 625,000 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were acquired at an average price of $8.00 per share, with a total value of $5,000,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey W. Bird acquired 750,000 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were bought at an average cost of $8.00 per share, for a total transaction of $6,000,000.00. The disclosure for this purchase can be found here. Corporate insiders own 37.40% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. River & Mercantile Asset Management LLP purchased a new position in shares of Forty Seven in the 2nd quarter worth about $35,000. BNP Paribas Arbitrage SA bought a new stake in shares of Forty Seven in the 1st quarter worth approximately $48,000. Metropolitan Life Insurance Co NY bought a new stake in shares of Forty Seven in the 1st quarter worth approximately $88,000. MetLife Investment Advisors LLC bought a new stake in shares of Forty Seven in the 1st quarter worth approximately $122,000. Finally, Bank of America Corp DE lifted its holdings in shares of Forty Seven by 177.3% in the 4th quarter. Bank of America Corp DE now owns 9,757 shares of the company’s stock worth $153,000 after purchasing an additional 6,239 shares during the last quarter. 36.17% of the stock is currently owned by institutional investors and hedge funds.

Forty Seven Company Profile

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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