Bank of America Lowers Price Target for 4D Molecular Therapeutics

Bank of America has recently reduced its price target for 4D Molecular Therapeutics (NASDAQ:FDMT) from $79.00 to $46.00. This adjustment was made in a research report released on Wednesday, where the investment firm maintained a "buy" rating for the stock.

Other research firms have also provided insights on 4D Molecular Therapeutics. For instance, Morgan Stanley began coverage on FDMT shares on November 21st, rating them as "underweight" with a target price of $8.00. Meanwhile, Cantor Fitzgerald had downgraded the stock from an "overweight" rating to a "neutral" rating as of September 23rd. Furthermore, Royal Bank of Canada decreased its price target for the company from $40.00 to $39.00 while assigning an "outperform" rating in a report dated November 14th. On the same day, Chardan Capital affirmed their "buy" rating and set a target price of $39.00. Additionally, Leerink Partners also reissued an "outperform" rating but adjusted its price target down to $36.00 from $40.00 on September 19th.

Currently, one analyst has rated 4D Molecular Therapeutics with a sell rating, one has a hold rating, and nine have provided buy ratings, leading to an average rating of "Moderate Buy". The average price target based on available data is $42.56.

Stock Performance of 4D Molecular Therapeutics

As of Wednesday, shares of FDMT opened at $6.32. The company boasts a market capitalization of approximately $292.16 million. Its price-to-earnings (P/E) ratio stands at -2.22, with a beta of 2.74. The stock's fifty-day moving average is $7.97 and the 200-day moving average is $14.22, showing a 12-month low of $6.28 and a high of $36.25.

Institutional Investment in 4D Molecular Therapeutics

Recently, several large investors have altered their stakes in 4D Molecular Therapeutics. For example, Nisa Investment Advisors LLC significantly increased its position by 5,735.7% in the second quarter, now holding 96,698 shares valued at $2,030,000 after acquiring 95,041 additional shares during the last quarter. Bank of New York Mellon Corp also grew its holdings by 28.9% in the same quarter, owning 169,413 shares worth $3,556,000 after buying an extra 38,015 shares. Panagora Asset Management Inc. bolstered its stake by 247.7%, owning 354,857 shares valued at $7,448,000 after acquiring 252,789 shares recently. Other institutional investors, including Principal Financial Group Inc. and Privium Fund Management B.V., have made similar moves to increase their holdings. Institutional investors collectively control 99.27% of the company's stock.

About 4D Molecular Therapeutics

4D Molecular Therapeutics, Inc. is a clinical-stage biotherapeutics company that focuses on developing genetic medicines. Utilizing its therapeutic vector evolution platform, the company designs products that address three key therapeutic areas: ophthalmology, cardiology, and pulmonology.

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