Forte Biosciences (NASDAQ:FBRX) Lowered to “Strong Sell” Rating by Wall Street Zen

Forte Biosciences (NASDAQ:FBRX) was downgraded by research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research note issued to investors on Saturday.

A number of other equities analysts have also commented on the stock. Barclays assumed coverage on shares of Forte Biosciences in a research report on Tuesday. They set an “overweight” rating and a $74.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a report on Wednesday, July 8th. Four research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $68.75.

Forte Biosciences Trading Down 8.2%

NASDAQ:FBRX opened at $54.78 on Friday. The stock has a 50 day simple moving average of $26.19 and a 200 day simple moving average of $27.83. The stock has a market cap of $760.89 million, a P/E ratio of -11.81 and a beta of 2.85. Forte Biosciences has a 1-year low of $9.10 and a 1-year high of $62.46.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings data on Monday, May 11th. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.08). As a group, sell-side analysts forecast that Forte Biosciences will post -4.27 EPS for the current year.

Institutional Investors Weigh In On Forte Biosciences

A number of large investors have recently bought and sold shares of FBRX. Orbimed Advisors LLC increased its holdings 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 buying an additional 603,867 shares during the period. Adage Capital Partners GP L.L.C. bought a new stake in shares of Forte Biosciences during the 2nd quarter worth approximately $4,310,000. Cable Car Capital LP boosted its position in shares of Forte Biosciences by 127.7% during the 2nd quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock worth $6,465,000 after acquiring an additional 280,396 shares in the last quarter. Jain Global LLC bought a new position in Forte Biosciences in the fourth quarter valued at approximately $5,520,000. Finally, Federated Hermes Inc. increased its stake in Forte Biosciences by 8.0% in the fourth quarter. Federated Hermes Inc. now owns 1,765,516 shares of the company’s stock valued at $48,146,000 after acquiring an additional 130,136 shares during the last quarter. 77.63% of the stock is currently owned by institutional investors and hedge funds.

Forte Biosciences Company Profile

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.