Jefferies Assumes Forma Therapeutics (FMTX) at Buy
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Jefferies analyst Maury Raycroft assumes coverage on Forma Therapeutics (NASDAQ: FMTX) with a Buy rating and a price target of $40.00 (from $54.00).
The analyst commented, "e are assuming coverage of FMTX at BUY w/ PT $40. FMTX reported new etavoSCD data at EHA'21, supporting differentiated MOA, w/ more to come at ASH'21. Initial FT-7051 mCRPC data also in 4Q21. Olutasidenib in R/R AML NDA prep underway w/potential to partner. W/ ~$600M cash, 3 shots (etavo in SCD pivotal, oluta ready for NDA, and prostate early but lg mkt growth potential) on goal, and recent pullback, we see buying oppty w/ appealing risk-reward profile."
Shares of Forma Therapeutics closed at $24.26 yesterday.
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