Bank of America Adjusts 4D Molecular Therapeutics Price Target to $46

Bank of America has updated its price target for 4D Molecular Therapeutics (NASDAQ:FDMT) from $79.00 to $46.00 according to a research report released on Wednesday. The investment firm has maintained a "buy" rating on the stock, indicating a positive outlook for the company's future performance.

In addition to Bank of America, several other research firms have provided insight on 4D Molecular Therapeutics. For instance, Morgan Stanley began coverage on the stock, giving it an "underweight" rating along with a target price of $8.00 as of November 21. Meanwhile, Cantor Fitzgerald downgraded their rating from "overweight" to "neutral" on September 23.

Royal Bank of Canada adjusted its price target from $40.00 to $39.00, with an "outperform" rating on November 14. On the same day, Chardan Capital reaffirmed a "buy" rating with a target price of $39.00. Additionally, Leerink Partners reissued their "outperform" rating and lowered their price target from $40.00 to $36.00 on September 19. Currently, the stock has received one sell rating, one hold rating, and nine buy ratings from various analysts. According to MarketBeat data, 4D Molecular Therapeutics has an average rating of "Moderate Buy" along with an average price target of $42.56.

Stock Performance of 4D Molecular Therapeutics

On Wednesday, shares of FDMT started trading at $6.32. The company's market capitalization is $292.16 million, and it has a price-to-earnings ratio of -2.22, with a beta of 2.74. Over the past 50 days, the moving average for the stock has been $7.97, while over 200 days, it stands at $14.22. The stock's 12-month range has seen a low of $6.28 and a high of $36.25.

Recent Institutional Investments in 4D Molecular Therapeutics

Large institutional investors have recently made changes to their holdings in 4D Molecular Therapeutics. Nisa Investment Advisors LLC saw a significant increase, boosting its position by 5,735.7% during the second quarter. This firm now holds 96,698 shares valued at approximately $2,030,000 after acquiring 95,041 shares in the last quarter.

Bank of New York Mellon Corp reported a 28.9% increase in its stake, owning 169,413 shares worth $3,556,000 after acquiring an additional 38,015 shares. Similarly, Panagora Asset Management Inc. increased its holdings by 247.7%, now owning 354,857 shares valued at $7,448,000 after a purchase of 252,789 shares.

Principal Financial Group Inc. raised its investment by 9.6%, now possessing 21,034 shares valued at $442,000 after buying 1,849 shares during the last quarter. Lastly, Privium Fund Management B.V. lifted its stake by 29.0%, ending up with 40,000 shares worth $823,000 after acquiring an additional 9,000 shares recently. Overall, institutional investors own 99.27% of the company's stock.

Overview of 4D Molecular Therapeutics

4D Molecular Therapeutics, Inc. is a clinical-stage biotherapeutics company that specializes in developing genetic medicines. Using its therapeutic vector evolution platform, the company is focused on creating a portfolio of genetic medicine candidates aimed at addressing various therapeutic areas, particularly in ophthalmology, cardiology, and pulmonology.

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