Shares of Forma Therapeutics Holdings, Inc. (NASDAQ:FMTX) shot up 4.9% during trading on Tuesday . The company traded as high as $24.03 and last traded at $23.93. 12,361 shares were traded during trading, a decline of 97% from the average session volume of 378,069 shares. The stock had previously closed at $22.82.
Several analysts recently issued reports on FMTX shares. Zacks Investment Research raised shares of Forma Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, August 11th. Craig Hallum assumed coverage on shares of Forma Therapeutics in a research report on Monday, August 2nd. They issued a “buy” rating and a $58.00 target price on the stock. HC Wainwright dropped their target price on shares of Forma Therapeutics from $55.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, August 17th. Finally, SVB Leerink reduced their target price on shares of Forma Therapeutics from $65.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, June 11th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $58.00.
The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -7.53 and a beta of -0.35. The stock’s fifty day simple moving average is $23.55 and its two-hundred day simple moving average is $25.84.
A number of hedge funds have recently made changes to their positions in the stock. FMR LLC lifted its stake in Forma Therapeutics by 17.3% in the 2nd quarter. FMR LLC now owns 5,827,864 shares of the company’s stock valued at $145,055,000 after acquiring an additional 857,895 shares in the last quarter. Cormorant Asset Management LP lifted its position in shares of Forma Therapeutics by 5.8% during the 1st quarter. Cormorant Asset Management LP now owns 4,720,000 shares of the company’s stock valued at $132,254,000 after acquiring an additional 260,000 shares during the period. BlackRock Inc. lifted its position in shares of Forma Therapeutics by 1.4% during the 2nd quarter. BlackRock Inc. now owns 3,334,125 shares of the company’s stock valued at $82,986,000 after acquiring an additional 44,549 shares during the period. Vanguard Group Inc. lifted its position in shares of Forma Therapeutics by 4.7% during the 2nd quarter. Vanguard Group Inc. now owns 2,295,850 shares of the company’s stock worth $57,144,000 after buying an additional 102,994 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Forma Therapeutics by 16.2% during the 2nd quarter. State Street Corp now owns 2,174,375 shares of the company’s stock worth $54,120,000 after buying an additional 302,780 shares during the last quarter. Hedge funds and other institutional investors own 85.18% of the company’s stock.
Forma Therapeutics Company Profile (NASDAQ:FMTX)
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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