Oppenheimer analyst Mark Breidenbach maintained a Buy rating on Forty Seven Inc (FTSV) today and set a price target of $35. The company’s shares closed yesterday at $15.91.
Breidenbach said:
“Wednesday, we met with management to review recent progress and discuss upcoming catalysts. In 2019, we expect to see at least three clinical readouts that could further cement Forty Seven’s position as the leader in CD47-targeting therapy. We expect a substantial update from the ongoing Phase 2 trial of 5F9 combined with rituximab in NHL at a medical conference in mid-2019, including new data from an exploratory high dose cohort. The emergence of a dose-response in prior cohorts suggests that Forty Seven may be able to improve on 5F9’s already- impressive efficacy in highly pretreated patients. Later this month, the company’s newly-announced program in chemotherapy-free conditioning for transplant patients will be highlighted at a KOL event in New York. Reiterate Outperform, $35 PT.”
According to TipRanks.com, Breidenbach has 0 stars on 0-5 star ranking scale with an average return of -4.3% and a 31.1% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.
Currently, the analyst consensus on Forty Seven Inc is a Strong Buy with an average price target of $29.50.
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Based on Forty Seven Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $21.66 million. In comparison, last year the company had a GAAP net loss of $10.83 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.
