Forma Therapeutics Holdings, Inc. (NASDAQ:FMTX) Sees Significant Decline in Short Interest

Forma Therapeutics Holdings, Inc. (NASDAQ:FMTXGet Rating) saw a significant drop in short interest in March. As of March 31st, there was short interest totalling 2,080,000 shares, a drop of 19.4% from the March 15th total of 2,580,000 shares. Approximately 5.0% of the company’s stock are short sold. Based on an average trading volume of 565,800 shares, the short-interest ratio is currently 3.7 days.

Shares of FMTX stock opened at $7.80 on Tuesday. The business has a 50 day moving average of $9.64 and a two-hundred day moving average of $13.48. Forma Therapeutics has a 52 week low of $7.74 and a 52 week high of $31.39. The company has a market cap of $369.76 million, a P/E ratio of -2.14 and a beta of 0.17.

Forma Therapeutics (NASDAQ:FMTXGet Rating) last announced its quarterly earnings results on Tuesday, March 1st. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.94) by ($0.12). During the same period last year, the company earned ($0.68) earnings per share. As a group, analysts anticipate that Forma Therapeutics will post -4.29 earnings per share for the current fiscal year.

A number of research firms recently commented on FMTX. Cantor Fitzgerald reiterated an “overweight” rating on shares of Forma Therapeutics in a research note on Friday, April 1st. Oppenheimer decreased their target price on Forma Therapeutics from $60.00 to $49.00 in a research report on Wednesday, March 2nd. Finally, Zacks Investment Research raised Forma Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday, April 14th. One investment 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 presently has a consensus rating of “Buy” and an average price target of $46.00.

In other Forma Therapeutics news, CEO Frank D. Lee sold 17,981 shares of the company’s stock in a transaction that occurred on Wednesday, February 23rd. The stock was sold at an average price of $9.78, for a total value of $175,854.18. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jeannette Potts sold 4,672 shares of the firm’s stock in a transaction that occurred on Wednesday, February 23rd. The stock was sold at an average price of $9.78, for a total transaction of $45,692.16. The disclosure for this sale can be found here. Insiders have sold 33,585 shares of company stock valued at $328,461 over the last 90 days. Insiders own 4.32% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. American International Group Inc. lifted its position in Forma Therapeutics by 3.2% in the 3rd quarter. American International Group Inc. now owns 18,591 shares of the company’s stock valued at $431,000 after purchasing an additional 574 shares during the last quarter. Credit Suisse AG raised its holdings in shares of Forma Therapeutics by 8.7% during the third quarter. Credit Suisse AG now owns 9,942 shares of the company’s stock valued at $230,000 after buying an additional 799 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Forma Therapeutics by 5.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 19,110 shares of the company’s stock worth $272,000 after buying an additional 1,063 shares during the period. Invesco Ltd. grew its holdings in Forma Therapeutics by 12.1% in the 3rd quarter. Invesco Ltd. now owns 13,890 shares of the company’s stock worth $323,000 after buying an additional 1,503 shares in the last quarter. Finally, Swiss National Bank increased its position in Forma Therapeutics by 6.1% in the 3rd quarter. Swiss National Bank now owns 36,600 shares of the company’s stock valued at $849,000 after acquiring an additional 2,100 shares during the period. Institutional investors and hedge funds own 82.72% of the company’s stock.

Forma Therapeutics Company Profile (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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