Forty Seven Inc. (FTSV) PT Raised to $35 at Oppenheimer

Oppenheimer analyst Mark Breidenbach raised the price target on Forty Seven Inc. (NASDAQ: FTSV) to $35.00 (from $20.00) while maintaining an Outperform rating.

The analyst commented, "Monday, Forty Seven presented impressive clinical data from its ongoing study evaluating magrolimab in combination with azacitidine (azaC) in front-line myelodysplastic syndrome (MDS) and acute myeloid leukemia (AML). Relative to the ASH abstract, 17 new efficacy-evaluable patients were included. In our view, the combination therapy stood out from the pack at ASH in higher-risk MDS, with a maturing clinical profile that could potentially lead to Breakthrough Therapy Designation and accelerated approval. Based on feedback from regulators, the company could potently pursue a registrational filing in 4Q21 supported by a single-arm trial, and outlined the design of a randomized confirmatory trial (ENHANCE). Based on the positive readout, we revise our valuation for the program and increase our PT to $35 (from $20). Reiterate Outperform."

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