Analysts Set Forte Biosciences, Inc. (NASDAQ:FBRX) Target Price at $71.67

Forte Biosciences, Inc. (NASDAQ:FBRX) has received an average recommendation of “Hold” from the six analysts that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $71.6667.

FBRX has been the subject of several recent analyst reports. Barclays lowered shares of Forte Biosciences from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $74.00 to $77.00 in a report on Tuesday, July 28th. Brookline Capital Markets downgraded Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Weiss Ratings raised Forte Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 14th. Wall Street Zen upgraded Forte Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, August 29th. Finally, TD Cowen lowered Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th.

Forte Biosciences Stock Performance

Shares of NASDAQ:FBRX opened at $76.99 on Wednesday. Forte Biosciences has a 52 week low of $10.11 and a 52 week high of $77.20. The company’s fifty day moving average is $68.80 and its 200-day moving average is $40.02. The company has a market capitalization of $1.63 billion, a PE ratio of -16.56 and a beta of 2.62.

Forte Biosciences (NASDAQ:FBRX) last announced its earnings results on Wednesday, August 12th. The company reported ($0.97) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.03. On average, analysts forecast that Forte Biosciences will post -4.27 EPS for the current year.

Institutional Investors Weigh In On Forte Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its position in shares of Forte Biosciences by 11.7% during the first quarter. Royal Bank of Canada now owns 13,389 shares of the company’s stock worth $346,000 after purchasing an additional 1,403 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Forte Biosciences by 444.0% in the first quarter. Bank of America Corp DE now owns 21,606 shares of the company’s stock valued at $560,000 after purchasing an additional 17,634 shares in the last quarter. 683 Capital Management LLC bought a new position in Forte Biosciences in the 4th quarter worth approximately $1,091,000. Bank of New York Mellon Corp bought a new position in Forte Biosciences in the 2nd quarter worth approximately $870,000. Finally, Wellington Management Group LLP lifted its holdings in Forte Biosciences by 49.7% during the 2nd quarter. Wellington Management Group LLP now owns 44,156 shares of the company’s stock worth $938,000 after buying an additional 14,665 shares in the last quarter. Institutional investors and hedge funds own 77.63% of the company’s stock.

About Forte Biosciences

Forte Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing microbiome-based therapies for inflammatory and immune-mediated skin diseases. The company’s approach involves using naturally occurring microorganisms and their biological effects to help restore healthy skin function and address disease-related inflammation.

Forte’s lead product candidate has been FB-401, a topical live biotherapeutic product based on Roseomonas mucosa, a naturally occurring bacterium found on human skin.