Brokerages Set Forte Biosciences, Inc. (NASDAQ:FBRX) Price Target at $67.00

Forte Biosciences, Inc. (NASDAQ:FBRX) has received a consensus recommendation of “Moderate Buy” from the five analysts that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating and four have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $67.00.

Several research firms have recently issued reports on FBRX. Guggenheim initiated coverage on Forte Biosciences in a research note on Monday, August 18th. They issued a “buy” rating and a $75.00 price objective for the company. Evercore ISI initiated coverage on Forte Biosciences in a report on Tuesday. They set an “outperform” rating and a $65.00 price target on the stock. Wall Street Zen lowered shares of Forte Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a research report on Wednesday. Finally, Chardan Capital restated a “buy” rating and issued a $61.00 target price on shares of Forte Biosciences in a report on Monday, November 17th.

Forte Biosciences Stock Down 3.1%

Shares of NASDAQ:FBRX opened at $18.49 on Tuesday. The firm has a fifty day simple moving average of $14.50 and a two-hundred day simple moving average of $12.19. Forte Biosciences has a 52 week low of $4.90 and a 52 week high of $28.68. The stock has a market capitalization of $231.62 million, a P/E ratio of -5.57 and a beta of 2.98.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.99) EPS for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.05. On average, analysts expect that Forte Biosciences will post -12.12 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FBRX. Federated Hermes Inc. purchased a new stake in shares of Forte Biosciences in the second quarter worth approximately $13,864,000. Orbimed Advisors LLC grew its position in Forte Biosciences by 101.8% in the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after acquiring an additional 603,867 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in Forte Biosciences in the second quarter worth $4,310,000. Cable Car Capital LP lifted its position in shares of Forte Biosciences by 127.7% during the second quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock worth $6,465,000 after purchasing an additional 280,396 shares during the last quarter. Finally, Tybourne Capital Management HK Ltd. lifted its position in shares of Forte Biosciences by 26.9% during the second quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock worth $10,171,000 after purchasing an additional 166,666 shares during the last quarter. Institutional investors own 77.63% of the company’s stock.

About Forte Biosciences

Forte Biosciences, Inc operates as a biopharmaceutical company in the United States. The company is developing FB-102 program that addresses various autoimmune diseases, such as graft-versus-host disease, and vitiligo and alopecia areata. Forte Biosciences, Inc is headquartered in Dallas, Texas.