Forte Biosciences (NASDAQ:FBRX) Receives New Coverage from Analysts at B. Riley

B. Riley began coverage on shares of Forte Biosciences (NASDAQ:FBRX) in a report issued on Friday morning, Price Targets.com reports. The brokerage issued a buy rating and a $73.00 price objective on the stock. B. Riley also issued estimates for Forte Biosciences’ FY2023 earnings at ($2.23) EPS, FY2024 earnings at ($2.37) EPS and FY2025 earnings at ($1.76) EPS.

Other equities research analysts have also recently issued reports about the company. (FBRC) started coverage on Forte Biosciences in a report on Friday, March 26th. They issued a buy rating on the stock. Chardan Capital reduced their target price on Forte Biosciences from $115.00 to $105.00 and set a buy rating on the stock in a report on Tuesday, March 23rd. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell started coverage on Forte Biosciences in a report on Thursday, April 1st. They issued a buy rating and a $75.00 target price on the stock. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $80.50.

NASDAQ:FBRX opened at $31.67 on Friday. The business’s 50-day simple moving average is $34.43 and its two-hundred day simple moving average is $34.63. The stock has a market cap of $427.93 million, a PE ratio of -1.38 and a beta of 0.23. Forte Biosciences has a 52 week low of $13.35 and a 52 week high of $53.99.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings results on Sunday, May 9th. The company reported ($0.36) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.39) by $0.03. As a group, research analysts forecast that Forte Biosciences will post -7.78 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FBRX. Lindbrook Capital LLC purchased a new position in Forte Biosciences in the first quarter worth about $34,000. Bank of New York Mellon Corp purchased a new position in Forte Biosciences in the fourth quarter worth about $213,000. Wells Fargo & Company MN grew its position in Forte Biosciences by 11,596.3% in the fourth quarter. Wells Fargo & Company MN now owns 6,316 shares of the company’s stock worth $230,000 after acquiring an additional 6,262 shares in the last quarter. Citigroup Inc. grew its position in Forte Biosciences by 5,736.6% in the fourth quarter. Citigroup Inc. now owns 7,179 shares of the company’s stock worth $261,000 after acquiring an additional 7,056 shares in the last quarter. Finally, Transcend Wealth Collective LLC purchased a new position in shares of Forte Biosciences during the first quarter valued at approximately $274,000. Institutional investors own 53.03% of the company’s stock.

Forte Biosciences Company Profile

Forte Biosciences Inc operates as a clinical-stage biopharmaceutical company in the United States. It is developing a live biotherapeutic FB-401 that has completed Phase 1/2a clinical trial to treat inflammatory skin diseases for pediatric atopic dermatitis patients. The company was incorporated in 2007 and is based in Torrance, California.

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Analyst Recommendations for Forte Biosciences (NASDAQ:FBRX)

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