FMTX - Forma Therapeutics: Rare Disease Play

Summary

• 72% technical buy signal.
• 15 new highs and up 59.18% in the last month.
• Price targets from $23 to $53.

The Chart of the Day belongs to the biotechnology company Forma Therapeutics ( FMTX ). I found the stock by sorting the Russell 3000 Index stocks first by the most frequent number of new highs in the last month and having a Trend Spotter buy signal then used the Flipchart feature to review the charts for consistent price appreciation. Since the Trend Spotter first signaled a buy on 6/23 the stock gained 59.18%.

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. The company is also developing Olutasidenib, a selective inhibitor for cancers with isocitrate dehydrogenase 1 gene mutations, which is in Phase II trial for the treatment of relapsed/refractory acute myeloid leukemia and Phase I trial to treat glioma; and FT-8225, a liver-targeted fatty-acid synthase inhibitor designed to block de novo lipogenesis in the liver. Forma Therapeutics Holdings, Inc. was founded in 2007 and is headquartered in Watertown, Massachusetts.

Barchart's Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 20 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report.

Barchart Technical Indicators:

• 72% technical buy signals but increasing
• 27.20- Weighted Alpha
• 45.54% loss in the last year
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 15 new highs and up 59.18% in the last month
• Relative Strength Index 75.25%
• Technical support level at 12.56
• Recently traded at 13.18 with 50 day moving average of 9.34

Fundamental factors:

• Market Cap $631 million
• Revenue expected to increase 397.30%
• Earnings estimated to increase 11.70% this year

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