Shares of Forma Therapeutics Holdings, Inc. (FMTX) dropped 4.5% on Friday to close at $22.17 after the clinical-stage biopharmaceutical company, primarily focussing on rare hematologic diseases and cancers, reported wider-than-expected Q2 losses.
The company reported an adjusted loss of $0.92 per share, lagging analysts’ expectations of a loss of $0.79 per share but better than the $4.58 per share loss reported in the prior-year period.
During the earnings call, the company revealed details regarding its pipeline programs, including progress made so far and expected upcoming milestones. (See Forma Therapeutics Holdings stock charts on TipRanks)
Forma Therapeutics CEO Frank Lee commented, “During the second quarter, we presented positive results from our ongoing Phase 1 trial demonstrating etavopivat’s highly differentiated profile and multimodal mechanism of action to improve markers of sickle cell disease and red blood cell health that are associated with vaso-occlusion.”
He further added, “These results, in addition to the progress on our other clinical programs this quarter, position us well to deliver on our mission of transforming the lives of patients with rare hematologic diseases and cancers.”
Furthermore, the company expects to present the results of its Phase 1 Trial of FT-7051 for the treatment of men with metastatic castration-resistant prostate cancer (mCRPC) in October at the Virtual International Conference on Molecular Targets and Cancer Therapeutics.
Additionally, the company is currently preparing a new drug application (NDA) for olutasidenib based on the Phase 2 results on the elapsed/refractory acute myeloid leukemia (R/R AML) indication presented at scientific conferences in June 2021.
Craig-Hallum analyst Robin Garner recently initiated coverage on Forma Therapeutics with a Buy rating and the price target of $58 (161.6% upside potential).
Garner forecast Forma Therapeutics’ stock price to double from current levels based on the company’s impressive pipeline of precision medicines targeting various hematological diseases and cancers.
Overall, the stock has a Strong Buy consensus rating based on 5 unanimous Buys. The average Forma Therapeutics Holdings price target of $53.40 implies 140.9% upside potential from current levels.
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