Oppenheimer Starts Forma Therapeutics (FMTX) at Outperform
- S&P 500, Dow slip from record highs ahead of earnings, inflation data
- Microsoft (MSFT) announces $19.7 billion acquisition of Nuance (NUAN)
- Alibaba (BABA) Gets a Record $2.8 Billion Anti-Monopoly Fine, Shares Soar as a 'Major Overhang' is Lifted
- Tesla (TSLA) Upgraded to 'Buy' at Canaccord Genuity and PT Raised by 155%, as it 'Holds a Several-Year Lead' in EV While Storage Business Accelerates
- Dollar bounces higher as traders brace for inflation data
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
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."
Shares of Forma Therapeutics closed at $39.82 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: BofA Securities Reinstates ANSYS (ANSS) at Buy as Subscription Based Reshoring Play
- UPDATE: BofA Securities Starts Vine Energy Inc. (VEI) at Buy on Location Driven Cost Advantages
- BAIC Motor Corp Ltd. (1958:HK) (BCCMY) PT Lowered to HK$4 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!