In a report released today, Mark Breidenbach from Oppenheimer maintained a Buy rating on Forty Seven Inc (FTSV), with a price target of $35. The company’s shares closed yesterday at $13.10.
Breidenbach observed:
“Tuesday, Forty Seven reported 3Q earnings and provided a corporate update. Next month at ASH, we expect the company to present data providing mechanistic support for 5F9’s prime-dose strategy and for an ongoing 5F9 + azacitidine combination trial in AML. Despite the recent termination of Celgene’s Phase 1 trial of CC-90002 in AML, FTSV management affirmed its intentions to push forward in this indication. We view CD47 as one of the most exciting targets in immuno-oncology, underscored by the volume of presentations focused on the CD47/SIRPα pathway at SITC. We believe Forty Seven maintains a substantial clinical lead in a crowded competitive landscape and is set to deliver value-driving clinical data in 1H19. Reiterate Outperform, $35 PT.”
According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -2.0% and a 28.4% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Global Blood Therapeutics, and Sorrento Therapeutics.
Currently, the analyst consensus on Forty Seven Inc is a Strong Buy with an average price target of $30.50.
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The company has a one-year high of $16.86 and a one-year low of $0. Currently, Forty Seven Inc has an average volume of 99.25K.
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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.
