4D Molecular Therapeutics

FDMT · NASDAQ

$13.10+$0.81 (+6.59%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $12.29

FDMT analyst rating

BuyConsensus of 10 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy10
Hold0
Underperform0
Sell0

12-month price target · 13 analysts

Average $28.75 (+119.4% upside)

Low: $18.18
Now: $13.10
High: $38.85

Upgrades and downgrades

The latest rating actions, newest first

FDMT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Chardan Capital	Oct 6, 2026	Maintains	Buy	$26.00 → $25.00	0%
B of A Securities	Sep 29, 2026	Maintains	Buy	$29.00 → $33.00	45%
Cantor Fitzgerald	Sep 14, 2026	Upgrade	Neutral → Overweight	$20.00	49%
B. Riley Securities	Jul 31, 2026	Initiates	Buy	$37.00	47%
HC Wainwright & Co.	Jul 20, 2026	Maintains	Buy	$36.00	47%
Jefferies	Mar 30, 2026	Initiates	Buy	$40.00 → $21.00	58%
HC Wainwright & Co.	Mar 20, 2026	Maintains	Buy	$36.00	47%
RBC Capital	Mar 19, 2026	Maintains	Outperform	$32.00 → $35.00	44%
Chardan Capital	Mar 19, 2026	Maintains	Buy	$26.00	43%
Barclays	Jan 28, 2026	Initiates	Overweight	$33.00	45%

The case for and against

Updated Oct 14, 2026

Bull case

4D Molecular Therapeutics is viewed positively because 4D-150 has now shown durable 2-year visual and anatomic control in PRISM, alongside a 78% overall reduction in treatment burden and 87% in recently diagnosed patients versus projected aflibercept use. The safety profile also appears increasingly de-risked, with only 2 of 71 patients experiencing transient mild intraocular inflammation within the first 28 weeks and no new inflammation emerging through 2 years, which supports retinal specialist adoption. With 4FRONT-2 enrollment completed about 4 months ahead of initial projections and a viable path to more than $1B in peak 4D-150 revenue by 2033, the company appears well positioned to translate clinical momentum into meaningful commercial value.

Bear case

4D Molecular Therapeutics is facing a highly uncertain investment case because its gene therapy pipeline remains early-stage while operating in a crowded competitive landscape with traditional development, regulatory, and commercial risks. Although 4D-150 may reduce Eylea injection burden by about 70% over the 52W 4FRONT studies and could appeal to retina specialists, the benefit still appears modest versus broader expectations and may not be enough to offset execution risk. The company also likely needs additional capital to fund ongoing development and commercialization, increasing dilution and financing risk while the thesis depends on unproven candidates achieving meaningful peak revenue in wet AMD and DME.

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