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

Wall Street Zen cut shares of Forte Biosciences (NASDAQ:FBRX) from a sell rating to a strong sell rating in a report issued on Saturday morning.

FBRX has been the subject of a number of other reports. Barclays initiated coverage on Forte Biosciences in a research report on Tuesday. They issued an “overweight” rating and a $74.00 price target for the company. 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, Forte Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.75.

Forte Biosciences Stock Performance

Shares of FBRX opened at $54.78 on Friday. The firm has a market capitalization of $760.89 million, a P/E ratio of -11.81 and a beta of 2.85. Forte Biosciences has a 52 week low of $9.10 and a 52 week high of $62.46. The stock has a 50 day moving average price of $26.19 and a two-hundred day moving average price of $27.83.

Forte Biosciences (NASDAQ:FBRX) last posted its earnings results on Monday, May 11th. The company reported ($1.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.08). On average, equities analysts forecast that Forte Biosciences will post -4.27 earnings per share for the current year.

Hedge Funds Weigh In On Forte Biosciences

Several institutional investors have recently modified their holdings of FBRX. Geode Capital Management LLC increased its position in shares of Forte Biosciences by 6.7% during the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock valued at $829,000 after acquiring an additional 4,028 shares during the last quarter. Orbimed Advisors LLC lifted its holdings in Forte Biosciences by 101.8% during the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock worth $15,477,000 after acquiring an additional 603,867 shares during the period. Cable Car Capital LP boosted its position in Forte Biosciences by 127.7% in the second quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock worth $6,465,000 after purchasing an additional 280,396 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Forte Biosciences in the second quarter worth $4,310,000. Finally, Mink Brook Asset Management LLC bought a new position in Forte Biosciences in the 2nd quarter valued at $503,000. 77.63% of the stock is 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.