Oppenheimer Starts Forma Therapeutics (FMTX) at Outperform

February 17, 2021 6:58 AM EST
Get Alerts FMTX Hot Sheet
Price: $27.62 -1%

Rating Summary:
    6 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 16 | New: 47
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Oppenheimer analyst Mark Breidenbach initiates coverage on Forma Therapeutics (NASDAQ: FMTX) with a Outperform rating and a price target of $60.00.

The analyst comments "We initiate coverage of Forma Therapeutics, which has assembled an impressive pipeline of targeted therapies for rare diseases and cancer. Our Outperform rating is based on our conviction that Forma’s lead program, FT-4202, could become a commercially successful new treatment for hematological disorders, especially sickle cell disease (SCD). FT-4202’s early clinical profile points to best-in-class potential, comparing favorably to other PKR activators and anti-sickling drugs. Forma’s oncology pipeline includes a late-stage IDH1 inhibitor (olutasidenib), which could represent a lucrative partnering opportunity, as well as FT-7051, a Phase 1 prostate cancer drug. With multiple near-term clinical catalysts and a healthy balance sheet, we believe Forma offers an attractive risk-reward profile to investors, especially given its valuation relative to its closest competitors."

For an analyst ratings summary and ratings history on Forma Therapeutics click here. For more ratings news on Forma Therapeutics click here.

Shares of Forma Therapeutics closed at $39.82 yesterday.

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