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

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.


A Schaeffer's exclusive

TOP STOCK PICKS 2020

Access your FREE insider report before it's too late!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Security Stock Targeting Terrorism
Click to continue to advertiser's site.
Earnings, China Deal Signing Guides Stocks to Fresh Highs
Traders were greeted with some M&A buzz, too
Twitter Stock Drops on Analyst Slam
TWTR has been attempting to recover from its fourth-quarter lows
The Security Stock Targeting Terrorism
Click to continue to advertiser's site.