Bull Notes Keep Coming After FTSV Stock's Absurd Rally

FTSV stock has surged since the ASH meeting

by Josh Selway

Published on Dec 11, 2019 at 9:59 AM
Updated on Jun 24, 2020 at 10:16 AM

Clinical stage immuno-oncology name Forty Seven Inc (NASDAQ:FTSV) has exploded this week, rising from Friday's close of $14.44 to settle at $34.66 yesterday, thanks to a well-received showing at the American Society of Hematology's (ASH) annual meeting (see the company's presentation here). This recent surge is just an acceleration of previously strong price action in FTSV stock, which began to rise after flirting with the $6 area in October. Overall, the drugmaker has gained over 500% since its October low of $5.53, based on today's price of $34.20.

A number of analysts hiked their price targets on Forty Seven stock this week, including Guggenheim's note this morning. The brokerage firm lifted its price target to $48 from $20, expecting even more upside for the shares. All seven covering brokerage firms recommend buying the stock.

Not everyone is bullish, however, as short interest has continued to rise. In the last two reporting periods, short interest increased by 12.3%, putting 9.4 days' worth of buying power into short sellers' hands, based on average daily trading volumes.

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