Oppenheimer Sticks to Its Buy Rating for Forty Seven Inc (FTSV)


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 on Friday at $18.58, close to its 52-week high of $19.27.

Breidenbach observed:

“Preclinical data supporting 5F9 were featured in two presentations at ASH 2018. The mechanism underlying the success of Forty Seven’s proprietary prime-dose strategy, implemented in several ongoing clinical trials, was the subject of a poster presentation. Priming with a low dose of 5F9 selectively strips CD47 from red blood cells (RBCs), shielding them from sensitivity to maintenance dosing. While the mechanism of CD47 pruning has not been fully elucidated, the finding explains the relatively wide therapeutic window for 5F9 during maintenance dosing. Separately, the company presented preclinical data rationalizing a combination of 5F9 with azacitadine in AML. Independent presentations at ASH suggest 5F9’s active Fc domain may give it a performance advantage relative to certain competitors. Reiterate Outperform, $35 PT.”

According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -2.1% and a 32.3% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Global Blood Therapeutics, and Sorrento Therapeutics.

Forty Seven Inc has an analyst consensus of Strong Buy, with a price target consensus of $27.33, a 47.1% upside from current levels. In a report issued on November 30, H.C. Wainwright also initiated coverage with a Buy rating on the stock with a $21 price target.

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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.

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