Leerink Partners Reaffirms Outperform Rating for 4D Molecular Therapeutics (NASDAQ:FDMT)

Leerink Partners reiterated their outperform rating on shares of 4D Molecular Therapeutics (NASDAQ:FDMT) in a research note issued to investors on Thursday, Benzinga reports. Leerink Partners currently has a $36.00 price target on the stock, down from their previous price target of $40.00.

Several other research firms also recently weighed in on FDMT. Chardan Capital restated a buy rating and issued a $38.00 price target on shares of 4D Molecular Therapeutics in a research note on Wednesday, July 17th. Cantor Fitzgerald reissued an overweight rating on shares of 4D Molecular Therapeutics in a research note on Monday, September 9th. HC Wainwright reaffirmed a buy rating and issued a $36.00 price target on shares of 4D Molecular Therapeutics in a research report on Thursday. BMO Capital Markets cut their price objective on shares of 4D Molecular Therapeutics from $63.00 to $40.00 and set an outperform rating on the stock in a research report on Thursday, July 18th. Finally, Royal Bank of Canada reaffirmed an outperform rating and issued a $40.00 target price on shares of 4D Molecular Therapeutics in a report on Monday, July 22nd. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of Buy and an average price target of $45.25.

4D Molecular Therapeutics Stock Down 11.9 %

Shares of FDMT stock opened at $11.90 on Thursday. The business’s fifty day moving average is $16.12 and its 200 day moving average is $22.55. The stock has a market cap of $615.27 million, a price-to-earnings ratio of -4.88 and a beta of 2.80. 4D Molecular Therapeutics has a twelve month low of $9.44 and a twelve month high of $36.25.

4D Molecular Therapeutics (NASDAQ:FDMT) last released its earnings results on Thursday, August 8th. The company reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.09. The business had revenue of $0.01 million during the quarter, compared to analysts’ expectations of $1.90 million. Equities research analysts expect that 4D Molecular Therapeutics will post -2.75 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO David Kirn sold 12,923 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $22.49, for a total transaction of $290,638.27. Following the transaction, the chief executive officer now owns 1,059,153 shares in the company, valued at $23,820,350.97. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO David Kirn sold 12,923 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $22.49, for a total transaction of $290,638.27. Following the completion of the sale, the chief executive officer now owns 1,059,153 shares in the company, valued at $23,820,350.97. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Scott Bizily sold 1,996 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $25.00, for a total value of $49,900.00. Following the completion of the transaction, the insider now directly owns 6,781 shares in the company, valued at approximately $169,525. The disclosure for this sale can be found here. Insiders have sold a total of 21,417 shares of company stock valued at $486,883 in the last 90 days. 7.30% of the stock is currently owned by insiders.

Institutional Trading of 4D Molecular Therapeutics

Several large investors have recently added to or reduced their stakes in FDMT. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of 4D Molecular Therapeutics by 10.1% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 706,000 shares of the company’s stock worth $14,819,000 after acquiring an additional 65,000 shares during the last quarter. Algert Global LLC raised its holdings in 4D Molecular Therapeutics by 20.6% in the 2nd quarter. Algert Global LLC now owns 16,588 shares of the company’s stock worth $348,000 after purchasing an additional 2,828 shares during the period. The Manufacturers Life Insurance Company lifted its position in 4D Molecular Therapeutics by 25.5% during the second quarter. The Manufacturers Life Insurance Company now owns 18,975 shares of the company’s stock valued at $398,000 after purchasing an additional 3,850 shares in the last quarter. Squarepoint Ops LLC grew its holdings in 4D Molecular Therapeutics by 652.7% during the second quarter. Squarepoint Ops LLC now owns 110,041 shares of the company’s stock valued at $2,310,000 after purchasing an additional 95,422 shares during the period. Finally, Hsbc Holdings PLC purchased a new stake in 4D Molecular Therapeutics in the second quarter worth about $246,000. 99.27% of the stock is currently owned by institutional investors.

About 4D Molecular Therapeutics

4D Molecular Therapeutics, Inc, a clinical-stage biotherapeutics company, develops genetic medicines using its therapeutic vector evolution platform in the Netherland and the United States. The company develops a portfolio of genetic medicine product candidates focuses in three therapeutic areas for ophthalmology, cardiology, and pulmonology.