4D Molecular Therapeutics (NASDAQ:FDMT) Price Target Cut to $46.00 by Analysts at Bank of America

4D Molecular Therapeutics (NASDAQ:FDMT) had its price target lowered by Bank of America from $79.00 to $46.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts have also issued research reports about the company. HC Wainwright reissued a “buy” rating and issued a $36.00 target price on shares of 4D Molecular Therapeutics in a report on Thursday, November 14th. Leerink Partners reiterated an “outperform” rating and issued a $36.00 price objective (down from $40.00) on shares of 4D Molecular Therapeutics in a report on Thursday, September 19th. Royal Bank of Canada lowered their target price on shares of 4D Molecular Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Thursday, November 14th. Morgan Stanley initiated coverage on shares of 4D Molecular Therapeutics in a report on Thursday, November 21st. They set an “underweight” rating and a $8.00 price target on the stock. Finally, Chardan Capital reissued a “buy” rating and set a $39.00 price objective on shares of 4D Molecular Therapeutics in a report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, 4D Molecular Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $42.56.

4D Molecular Therapeutics Stock Performance

Shares of NASDAQ:FDMT traded down $0.26 during trading on Wednesday, reaching $5.71. 313,747 shares of the stock traded hands, compared to its average volume of 884,768. The stock has a market cap of $263.96 million, a P/E ratio of -2.00 and a beta of 2.74. The stock has a 50-day moving average of $7.91 and a two-hundred day moving average of $14.16. 4D Molecular Therapeutics has a 52-week low of $5.58 and a 52-week high of $36.25.

Institutional Investors Weigh In On 4D Molecular Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of FDMT. Principal Financial Group Inc. increased its position in 4D Molecular Therapeutics by 9.6% in the second quarter. Principal Financial Group Inc. now owns 21,034 shares of the company’s stock worth $442,000 after buying an additional 1,849 shares in the last quarter. Algert Global LLC grew its stake in shares of 4D Molecular Therapeutics by 20.6% during the 2nd quarter. Algert Global LLC now owns 16,588 shares of the company’s stock valued at $348,000 after acquiring an additional 2,828 shares during the period. nVerses Capital LLC purchased a new stake in 4D Molecular Therapeutics in the 3rd quarter worth approximately $40,000. The Manufacturers Life Insurance Company raised its stake in 4D Molecular Therapeutics by 25.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,975 shares of the company’s stock worth $398,000 after acquiring an additional 3,850 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its stake in 4D Molecular Therapeutics by 64.6% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 9,995 shares of the company’s stock worth $108,000 after acquiring an additional 3,922 shares during the period. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

4D Molecular Therapeutics Company Profile

4D Molecular Therapeutics, Inc, a clinical-stage biotherapeutics company, develops genetic medicines using its therapeutic vector evolution platform in the Netherland and the United States. The company develops a portfolio of genetic medicine product candidates focuses in three therapeutic areas for ophthalmology, cardiology, and pulmonology.