Forty Seven Inc (NASDAQ:FTSV) was the recipient of a large drop in short interest during the month of March. As of March 13th, there was short interest totalling 940,300 shares, a drop of 54.6% from the February 27th total of 2,070,000 shares. Based on an average daily trading volume, of 5,500,500 shares, the short-interest ratio is currently 0.2 days. Approximately 3.0% of the shares of the company are sold short.
In related news, Director Irving Weissman sold 196,905 shares of Forty Seven stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $94.72, for a total value of $18,650,841.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ravindra Majeti sold 25,000 shares of Forty Seven stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $44.38, for a total transaction of $1,109,500.00. Following the completion of the transaction, the director now owns 1,080,688 shares in the company, valued at $47,960,933.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 246,905 shares of company stock worth $20,669,092. 37.40% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the business. Nuveen Asset Management LLC boosted its position in shares of Forty Seven by 29.8% during the 4th quarter. Nuveen Asset Management LLC now owns 130,856 shares of the company’s stock worth $5,152,000 after purchasing an additional 30,027 shares in the last quarter. Sunbelt Securities Inc. purchased a new stake in shares of Forty Seven during the 4th quarter worth $486,000. Geode Capital Management LLC boosted its position in shares of Forty Seven by 33.7% during the 4th quarter. Geode Capital Management LLC now owns 375,503 shares of the company’s stock worth $14,783,000 after purchasing an additional 94,704 shares in the last quarter. Crawford Lake Capital Management LLC purchased a new stake in shares of Forty Seven during the 4th quarter worth $950,000. Finally, RA Capital Management L.P. purchased a new stake in shares of Forty Seven during the 4th quarter worth $76,112,000. Institutional investors own 71.77% of the company’s stock.
A number of research firms recently weighed in on FTSV. BTIG Research reiterated a “buy” rating and issued a $40.00 price objective on shares of Forty Seven in a research report on Tuesday, December 10th. Oppenheimer lifted their price objective on shares of Forty Seven from to and gave the company an “outperform” rating in a research report on Friday, January 17th. ValuEngine lowered shares of Forty Seven from a “hold” rating to a “sell” rating in a research report on Tuesday, December 10th. Guggenheim lowered shares of Forty Seven from a “buy” rating to a “neutral” rating in a research report on Tuesday, March 3rd. Finally, HC Wainwright lowered shares of Forty Seven from a “buy” rating to a “neutral” rating and set a $95.50 price objective on the stock. in a research report on Monday, March 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $60.77.
Shares of NASDAQ FTSV traded up $0.60 during trading on Thursday, hitting $94.47. 1,206,617 shares of the company were exchanged, compared to its average volume of 1,627,907. The company has a market cap of $4.53 billion, a price-to-earnings ratio of -38.25 and a beta of 1.97. Forty Seven has a 1 year low of $5.53 and a 1 year high of $95.12. The firm’s fifty day moving average price is $69.29 and its 200 day moving average price is $32.55.
Forty Seven Company Profile
Forty Seven Inc, a clinical-stage immuno-oncology company, focuses on developing therapies to activate macrophages for the treatment of cancer. It is developing 5F9, a humanized IgG4 subclass monoclonal antibody against CD47 that is in Phase 1b/2 clinical trials used for the treatment of cancer; FSI-189, an antibody that binds to SIRPa; and FSI-174, an anti-cKIT antibody.
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