Forma Therapeutics Holdings, Inc. (NASDAQ:FMTX – Get Rating) was the target of a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 1,230,000 shares, a decrease of 28.9% from the August 31st total of 1,730,000 shares. Based on an average daily trading volume, of 1,330,000 shares, the days-to-cover ratio is currently 0.9 days. Approximately 2.9% of the shares of the stock are short sold.
Wall Street Analyst Weigh In
Several analysts recently weighed in on the company. HC Wainwright downgraded Forma Therapeutics from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $53.00 to $20.00 in a research report on Friday, September 2nd. Cantor Fitzgerald cut Forma Therapeutics from an "overweight" rating to a "neutral" rating in a report on Thursday, September 1st. Jefferies Financial Group cut Forma Therapeutics from a "buy" rating to a "hold" rating and lowered their target price for the stock from $28.00 to $20.00 in a report on Friday, September 2nd. Oppenheimer cut Forma Therapeutics from an "outperform" rating to a "market perform" rating in a report on Thursday, September 1st. Finally, Credit Suisse Group cut Forma Therapeutics from an "outperform" rating to a "neutral" rating and set a $20.00 target price for the company. in a report on Friday, September 2nd. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $29.17.
Get Forma Therapeutics alerts:Institutional Investors Weigh In On Forma Therapeutics
Several institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp increased its stake in shares of Forma Therapeutics by 55.4% in the first quarter. State Street Corp now owns 2,802,149 shares of the company's stock valued at $26,060,000 after buying an additional 999,479 shares during the period. Deep Track Capital LP acquired a new stake in Forma Therapeutics during the first quarter worth approximately $15,435,000. EDBI Pte Ltd acquired a new stake in Forma Therapeutics during the fourth quarter worth approximately $18,042,000. Renaissance Technologies LLC grew its stake in Forma Therapeutics by 55.2% during the second quarter. Renaissance Technologies LLC now owns 993,732 shares of the company's stock worth $6,847,000 after purchasing an additional 353,532 shares during the period. Finally, Point72 Asset Management L.P. acquired a new stake in Forma Therapeutics during the fourth quarter worth approximately $8,474,000. Institutional investors and hedge funds own 87.39% of the company's stock.
Forma Therapeutics Stock Performance
Shares of FMTX stock remained flat at $19.95 on Friday. The stock had a trading volume of 435,452 shares, compared to its average volume of 850,388. The stock has a market cap of $954.67 million, a price-to-earnings ratio of -4.99 and a beta of -0.31. The company's fifty day moving average price is $14.79 and its 200-day moving average price is $10.06. Forma Therapeutics has a 12 month low of $4.95 and a 12 month high of $24.99.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.
Recommended Stories
- Get a free copy of the StockNews.com research report on Forma Therapeutics (FMTX)
- This Is A Memorable Time To Buy Into Micron Technology
- Declining Profits Challenge the CarMax Value Proposition
- Let Paychex Stock Work Hard For You
- How Does Keurig Dr Pepper Compare To Larger Rivals Coke & Pepsi?
- Thor Industries Hammers Out A Bottom
Receive News & Ratings for Forma Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Forma Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.