Forty Seven (NASDAQ:FTSV) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Forty Seven (NASDAQ:FTSV) from a hold rating to a buy rating in a research note issued to investors on Thursday, Zacks.com reports. Zacks Investment Research currently has $9.00 price objective on the stock.

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. “

FTSV has been the subject of a number of other research reports. Oppenheimer decreased their price objective on shares of Forty Seven from $35.00 to $20.00 in a research report on Wednesday, August 14th. HC Wainwright set a $21.00 price objective on shares of Forty Seven and gave the company a buy rating in a research report on Friday, July 12th. Mizuho assumed coverage on shares of Forty Seven in a research report on Wednesday. They issued a buy rating and a $18.00 price objective for the company. ValuEngine raised shares of Forty Seven from a hold rating to a buy rating in a research report on Friday, August 16th. Finally, Roth Capital assumed coverage on shares of Forty Seven in a research report on Wednesday, May 29th. They issued a buy rating and a $28.00 price objective for the company. Ten research analysts have rated the stock with a buy rating, The stock presently has an average rating of Buy and a consensus target price of $23.50.

Forty Seven stock traded up $0.15 during mid-day trading on Thursday, reaching $8.01. The company’s stock had a trading volume of 6,448 shares, compared to its average volume of 176,407. The company has a market capitalization of $331.85 million, a price-to-earnings ratio of -2.15 and a beta of 1.91. Forty Seven has a 12 month low of $6.04 and a 12 month high of $23.83. The business’s 50 day simple moving average is $7.77 and its 200 day simple moving average is $12.76.

Forty Seven (NASDAQ:FTSV) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.05). As a group, analysts predict that Forty Seven will post -2.13 earnings per share for the current fiscal year.

In other news, insider Mark Anthony Mccamish sold 8,199 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.02, for a total transaction of $90,352.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Lightspeed Venture Partners X, bought 625,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were bought at an average price of $8.00 per share, with a total value of $5,000,000.00. The disclosure for this purchase can be found here. Company insiders own 37.40% of the company’s stock.

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