FMTX - Cantor suggests buying Forma Therapeutics on weakness following sickle cell data

Cantor analyst Emma Nealon is maintaining her overweight rating and $68 price target on Forma Therapeutics (FMTX) despite weakness today on phase 1 results from its sickle cell candidate FT-4202.Those results indicated a lower response rate for a group treated with a 600 mg dose compared to the 300 mg dose cohort, though the higher dose had a similar safety and tolerability profile of the lower one."The most important information we were looking for from this cohort 2 data was around safety, and we think this was a very positive update from a safety perspective at double the dose," Nealon writes.There is an unmet need for an oral drug to treat sickle cell disease that has benefits in terms of both hemoglobin levels and vaso-occlusive crises, according to Nealon.She adds that today's weakness provides a buying opportunity.Forma shares are down 3.5% to $24.28 in afternoon trading.

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Cantor suggests buying Forma Therapeutics on weakness following sickle cell data