Zacks Investment Research Downgrades Forma Therapeutics (NASDAQ:FMTX) to Hold

Forma Therapeutics (NASDAQ:FMTXGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, Zacks.com reports.

According to Zacks, “Forma Therapeutics Holdings Inc. is a clinical-stage biopharmaceutical company. It is focused on the development and commercialization of novel therapeutics with rare hematologic diseases and cancers. Forma Therapeutics Holdings Inc. is based in Watertown, United States. “

A number of other research firms also recently weighed in on FMTX. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Forma Therapeutics in a research report on Monday, May 9th. SVB Leerink reduced their target price on shares of Forma Therapeutics from $25.00 to $23.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, Oppenheimer cut their price objective on shares of Forma Therapeutics to $46.00 in a research report on Friday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $38.83.

Shares of NASDAQ:FMTX traded up $0.24 during midday trading on Friday, reaching $5.77. The company’s stock had a trading volume of 519,042 shares, compared to its average volume of 521,290. The firm has a 50 day moving average of $7.89 and a 200-day moving average of $11.08. The firm has a market capitalization of $275.83 million, a P/E ratio of -1.51 and a beta of 0.39. Forma Therapeutics has a 12-month low of $5.16 and a 12-month high of $31.39.

Forma Therapeutics (NASDAQ:FMTXGet Rating) last released its earnings results on Friday, May 6th. The company reported ($0.93) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.11. During the same quarter in the previous year, the company earned ($0.76) earnings per share. As a group, analysts predict that Forma Therapeutics will post -4.03 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in FMTX. Deep Track Capital LP purchased a new stake in Forma Therapeutics during the 1st quarter valued at about $15,435,000. EDBI Pte Ltd purchased a new stake in shares of Forma Therapeutics during the 4th quarter valued at about $18,042,000. State Street Corp boosted its holdings in shares of Forma Therapeutics by 55.4% during the 1st quarter. State Street Corp now owns 2,802,149 shares of the company’s stock valued at $26,060,000 after acquiring an additional 999,479 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Forma Therapeutics during the 4th quarter valued at about $8,474,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of Forma Therapeutics by 89.5% during the 1st quarter. Renaissance Technologies LLC now owns 640,200 shares of the company’s stock valued at $5,954,000 after acquiring an additional 302,300 shares during the last quarter. 87.22% of the stock is currently owned by institutional investors.

About Forma Therapeutics (Get Rating)

Forma Therapeutics Holdings, Inc, a clinical-stage biopharmaceutical company, focuses on development and commercialization of novel therapeutics for treatment of rare hematologic diseases and cancers. Its core product candidates for development include FT-4202, which is Phase 1 trial for the treatment of sickle cell disease and other hemoglobinopathies; and FT-7051 for the treatment of metastatic castration-resistant prostate cancer.

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