Forte Biosciences (NASDAQ:FBRX) Research Coverage Started at Barclays

Barclays initiated coverage on shares of Forte Biosciences (NASDAQ:FBRX) in a report released on Tuesday morning, Marketbeat Ratings reports. The firm issued an overweight rating and a $74.00 price objective on the stock.

A number of other research firms also recently commented on FBRX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a report on Wednesday, July 8th. Wall Street Zen upgraded Forte Biosciences from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Forte Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.75.

Forte Biosciences Trading Up 5.4%

Shares of FBRX stock opened at $59.70 on Tuesday. The firm has a fifty day moving average price of $25.55 and a 200 day moving average price of $27.64. The company has a market cap of $829.23 million, a P/E ratio of -12.87 and a beta of 2.85. Forte Biosciences has a 12 month low of $9.10 and a 12 month high of $62.46.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings results on Monday, May 11th. The company reported ($1.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.08). On average, equities analysts forecast that Forte Biosciences will post -4.27 EPS for the current year.

Institutional Investors Weigh In On Forte Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada increased its position in shares of Forte Biosciences by 6.5% during the fourth quarter. Royal Bank of Canada now owns 11,986 shares of the company’s stock worth $327,000 after purchasing an additional 733 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Forte Biosciences in the 4th quarter valued at about $27,000. Bank of America Corp DE boosted its position in shares of Forte Biosciences by 5,641.8% in the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after purchasing an additional 3,103 shares during the period. Geode Capital Management LLC grew its stake in Forte Biosciences by 6.7% during the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock worth $829,000 after buying an additional 4,028 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in Forte Biosciences by 23.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company’s stock worth $350,000 after buying an additional 4,491 shares during the last quarter. 77.63% of the stock is owned by hedge funds and other institutional investors.

About Forte Biosciences

Forte Biosciences, Inc is a clinical-stage biotechnology company focused on developing innovative treatments to restore skin health by targeting the underlying biology of the skin barrier and microbiome. Headquartered in San Diego, California, Forte leverages proprietary platforms to discover and advance topical live biotherapeutic products and skin barrier therapies aimed at addressing serious dermatological conditions.

The company’s lead product candidate, FB-401, is a topical live biotherapeutic formulation designed to rebalance the skin microbiome in patients with atopic dermatitis.