Forte Biosciences, Inc. (NASDAQ:FBRX) Given Average Recommendation of “Hold” by Brokerages

Forte Biosciences, Inc. (NASDAQ:FBRX) has received an average rating of “Hold” from the seven research firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $72.50.

FBRX has been the subject of several recent research reports. Wall Street Zen downgraded Forte Biosciences from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 25th. Barclays lowered shares of Forte Biosciences from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $74.00 to $77.00 in a report on Tuesday, July 28th. Weiss Ratings downgraded shares of Forte Biosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, July 28th. TD Cowen lowered shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Finally, Evercore set a $77.00 price objective on shares of Forte Biosciences in a research note on Monday, July 27th.

Institutional Investors Weigh In On Forte Biosciences

A number of institutional investors have recently made changes to their positions in FBRX. Global Retirement Partners LLC acquired a new stake in shares of Forte Biosciences in the fourth quarter valued at about $27,000. Bank of America Corp DE lifted its stake in shares of 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 acquiring an additional 3,103 shares during the period. Dimensional Fund Advisors LP bought a new stake in Forte Biosciences in the third quarter valued at approximately $161,000. Jane Street Group LLC bought a new stake in Forte Biosciences in the fourth quarter valued at approximately $228,000. Finally, Citadel Advisors LLC acquired a new stake in Forte Biosciences during the 3rd quarter valued at approximately $234,000. Institutional investors own 77.63% of the company’s stock.

Forte Biosciences Stock Down 0.0%

NASDAQ FBRX opened at $76.83 on Friday. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -16.52 and a beta of 2.62. Forte Biosciences has a twelve month low of $10.11 and a twelve month high of $77.20. The business’s fifty day moving average is $43.25 and its 200 day moving average is $32.80.

Forte Biosciences (NASDAQ:FBRX) last issued its earnings results on Tuesday, August 11th. The company reported ($0.97) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.03. On average, research analysts anticipate that Forte Biosciences will post -4.27 earnings per share for the current fiscal year.

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.