Forte Biosciences, Inc. (NASDAQ:FBRX) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Forte Biosciences, Inc. (NASDAQ:FBRX) have received a consensus rating of “Moderate Buy” from the five analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $68.75.

FBRX has been the topic of a number of research analyst reports. Barclays began coverage on Forte Biosciences in a report on Tuesday. They set an “overweight” rating and a $74.00 target price on the stock. Wall Street Zen downgraded Forte Biosciences from a “sell” rating to a “strong sell” rating in a report on Saturday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a research note on Wednesday, July 8th.

Forte Biosciences Price Performance

Shares of FBRX stock opened at $54.78 on Tuesday. The firm has a market capitalization of $760.89 million, a price-to-earnings ratio of -11.81 and a beta of 2.85. Forte Biosciences has a 12-month low of $9.10 and a 12-month high of $62.46. The business has a 50 day simple moving average of $26.19 and a 200 day simple moving average of $27.83.

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). On average, equities analysts anticipate that Forte Biosciences will post -4.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Forte Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in FBRX. Global Retirement Partners LLC bought a new position in Forte Biosciences during the 4th quarter valued at about $27,000. Bank of America Corp DE increased its position in Forte Biosciences by 5,641.8% in the third quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock worth $47,000 after purchasing an additional 3,103 shares during the period. Jane Street Group LLC acquired a new position in Forte Biosciences in the fourth quarter valued at approximately $228,000. Persistent Asset Partners Ltd bought a new position in shares of Forte Biosciences in the 4th quarter worth $277,000. Finally, Alps Advisors Inc. acquired a new position in shares of Forte Biosciences during the 4th quarter worth about $281,000. 77.63% of the stock is currently owned by institutional investors.

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.