Mizuho Begins Coverage on Forty Seven (NASDAQ:FTSV)

Equities research analysts at Mizuho initiated coverage on shares of Forty Seven (NASDAQ:FTSV) in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage set a “buy” rating and a $18.00 price target on the stock. Mizuho’s price target suggests a potential upside of 125.00% from the stock’s current price.

The analysts wrote, “We initiate coverage of FTSV with a Buy rating and $18 PT. We like the speed- to-market program for 5F9 (pivotal readout by 4Q20). We also like the pursuit of a novel mechanism in immuno-oncology, innate immunity via CD47. FTSV has cash into 2021 and readouts that should serve as valuation inflection points.””

Several other brokerages also recently commented on FTSV. HC Wainwright set a $21.00 target price on shares of Forty Seven and gave the company a “buy” rating in a research note on Friday, July 12th. Zacks Investment Research downgraded shares of Forty Seven from a “buy” rating to a “hold” rating in a research note on Tuesday. Oppenheimer reduced their target price on shares of Forty Seven from $35.00 to $20.00 in a research note on Wednesday, August 14th. Roth Capital began coverage on shares of Forty Seven in a research report on Wednesday, May 29th. They set a “buy” rating and a $28.00 price target on the stock. Finally, ValuEngine upgraded shares of Forty Seven from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $23.38.

Shares of NASDAQ:FTSV opened at $8.00 on Wednesday. Forty Seven has a 52 week low of $6.04 and a 52 week high of $23.83. The company’s fifty day moving average is $7.77 and its 200-day moving average is $12.76. The company has a market capitalization of $323.79 million, a PE ratio of -2.13 and a beta of 1.91.

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

In related news, major shareholder Lightspeed Venture Partners X, purchased 625,000 shares of Forty Seven stock in a transaction that occurred on Monday, July 22nd. The shares were acquired at an average price of $8.00 per share, for a total transaction of $5,000,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark Anthony Mccamish sold 8,301 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $11.04, for a total transaction of $91,643.04. The disclosure for this sale can be found here. 37.40% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in FTSV. BlackRock Inc. lifted its position in Forty Seven by 10.9% during the 2nd quarter. BlackRock Inc. now owns 1,263,882 shares of the company’s stock valued at $13,399,000 after purchasing an additional 124,286 shares during the period. JPMorgan Chase & Co. lifted its position in Forty Seven by 48.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 379,731 shares of the company’s stock valued at $3,953,000 after purchasing an additional 123,921 shares during the period. Sofinnova Investments Inc. acquired a new position in Forty Seven during the 2nd quarter valued at about $1,259,000. Bank of America Corp DE lifted its position in Forty Seven by 535.2% during the 2nd quarter. Bank of America Corp DE now owns 64,170 shares of the company’s stock valued at $680,000 after purchasing an additional 54,067 shares during the period. Finally, Schroder Investment Management Group acquired a new position in Forty Seven during the 2nd quarter valued at about $552,000. Institutional investors own 36.17% of the company’s stock.

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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