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

Wall Street Zen lowered shares of Forte Biosciences (NASDAQ:FBRX) from a hold rating to a sell rating in a research note released on Thursday.

Separately, Chardan Capital decreased their target price on shares of Forte Biosciences from $64.00 to $61.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st.

Forte Biosciences Price Performance

NASDAQ:FBRX opened at $7.52 on Thursday. The company has a market cap of $49.50 million, a price-to-earnings ratio of -0.46 and a beta of 2.82. Forte Biosciences has a 1 year low of $4.11 and a 1 year high of $28.68. The stock’s 50 day simple moving average is $6.84 and its two-hundred day simple moving average is $11.91.

Forte Biosciences (NASDAQ:FBRX) last posted its earnings results on Thursday, May 15th. The company reported ($1.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.48). As a group, analysts anticipate that Forte Biosciences will post -12.12 EPS for the current year.

Hedge Funds Weigh In On Forte Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its position in Forte Biosciences by 70,000.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company’s stock worth $48,000 after buying an additional 2,100 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Forte Biosciences by 18.3% in the fourth quarter. Geode Capital Management LLC now owns 16,877 shares of the company’s stock valued at $383,000 after acquiring an additional 2,607 shares during the period. Boothbay Fund Management LLC bought a new stake in shares of Forte Biosciences in the 4th quarter worth about $2,026,000. Tybourne Capital Management HK Ltd. lifted its holdings in shares of Forte Biosciences by 327.6% in the 4th quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company’s stock worth $14,080,000 after acquiring an additional 475,000 shares during the last quarter. Finally, Fred Alger Management LLC boosted its stake in shares of Forte Biosciences by 1,271.2% during the 4th quarter. Fred Alger Management LLC now owns 1,133,944 shares of the company’s stock worth $25,752,000 after purchasing an additional 1,051,246 shares during the period. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Forte Biosciences Company Profile

Forte Biosciences, Inc operates as a biopharmaceutical company in the United States. The company is developing FB-102 program that addresses various autoimmune diseases, such as graft-versus-host disease, and vitiligo and alopecia areata. Forte Biosciences, Inc is headquartered in Dallas, Texas.