H.C. Wainwright analyst Swayampakula Ramakanth maintained a Buy rating on Forty Seven Inc (FTSV) today and set a price target of $21. The company’s shares closed yesterday at $11.30, close to its 52-week low of $10.50.
Ramakanth said:
“We maintain our Buy rating on FTSV and our 12-month price target of $21.00 per share. We derive our price target based on a risk-based NPV (rNPV) analysis of projected 5F9 revenues through 2030 assuming a 12% discount rate and a 3% terminal growth rate. We derive rNPV of $1.1B for 5F9 and add in cash, cash equivalents, and short-term investments of $114M to arrive at a 12-month price target of $20.57 per diluted share, which we round to $21.00.”
According to TipRanks.com, Ramakanth ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -12.7% and a 29.5% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, IntelGenx Technologies, and Gritstone Oncology Inc.
Currently, the analyst consensus on Forty Seven Inc is a Strong Buy with an average price target of $27.80, a 146.0% upside from current levels. In a report issued on May 28, Roth Capital also initiated coverage with a Buy rating on the stock with a $28 price target.
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Based on Forty Seven Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $23.02 million. In comparison, last year the company had a GAAP net loss of $14.78 million.
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Forty Seven, Inc. develops therapies that target cancer immune evasion pathways. It develops Hu5F9-G4, a monoclonal antibody against human CD47 that potentially has applications spanning multiple tumor types and treatment modalities.
