Forty Seven (NASDAQ:FTSV) announced its earnings results on Tuesday. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.05), Bloomberg Earnings reports.
Shares of FTSV stock traded down $0.54 during mid-day trading on Wednesday, hitting $7.68. 8,041 shares of the company’s stock were exchanged, compared to its average volume of 226,509. Forty Seven has a fifty-two week low of $7.70 and a fifty-two week high of $23.83. The company has a 50-day simple moving average of $9.40. The stock has a market capitalization of $259.35 million, a PE ratio of -1.99 and a beta of 1.86.
In other news, Director Jeffrey W. Bird bought 750,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were acquired at an average cost of $8.00 per share, with a total value of $6,000,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Lightspeed Venture Partners X, bought 625,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was purchased at an average cost of $8.00 per share, for a total transaction of $5,000,000.00. The disclosure for this purchase can be found here. Insiders have sold 37,311 shares of company stock worth $450,708 in the last 90 days. Insiders own 37.40% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of FTSV. PNC Financial Services Group Inc. purchased a new position in shares of Forty Seven in the 1st quarter worth $32,000. BNP Paribas Arbitrage SA purchased a new position in Forty Seven in the first quarter valued at about $48,000. Metropolitan Life Insurance Co NY purchased a new position in Forty Seven in the first quarter valued at about $88,000. MetLife Investment Advisors LLC purchased a new position in Forty Seven in the first quarter valued at about $122,000. Finally, Bank of America Corp DE raised its position in Forty Seven by 177.3% in the fourth quarter. Bank of America Corp DE now owns 9,757 shares of the company’s stock valued at $153,000 after purchasing an additional 6,239 shares during the period. 47.47% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently issued reports on the company. Zacks Investment Research upgraded Forty Seven from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a report on Tuesday, May 14th. HC Wainwright set a $21.00 price objective on Forty Seven and gave the stock a “buy” rating in a report on Friday, July 12th. Finally, Roth Capital assumed coverage on Forty Seven in a report on Wednesday, May 29th. They set a “buy” rating and a $28.00 price objective on the stock. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $28.00.
Forty Seven Company Profile
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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