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

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

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Forte Biosciences in a research note on Friday, March 27th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Forte Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Forte Biosciences Stock Performance

FBRX stock opened at $24.02 on Friday. The stock has a fifty day moving average of $28.23 and a 200-day moving average of $25.07. Forte Biosciences has a fifty-two week low of $6.20 and a fifty-two week high of $35.80. The company has a market capitalization of $333.64 million, a price-to-earnings ratio of -5.04 and a beta of 3.01.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings data on Tuesday, March 31st. The company reported ($1.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.42) by ($0.03). Equities analysts predict that Forte Biosciences will post -4.63 EPS for the current year.

Institutional Trading of Forte Biosciences

A number of institutional investors have recently added to or reduced their stakes in FBRX. Geode Capital Management LLC grew its holdings in Forte Biosciences by 6.7% during the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock valued at $829,000 after buying an additional 4,028 shares in the last quarter. Orbimed Advisors LLC boosted its position in shares of Forte Biosciences by 101.8% in the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after acquiring an additional 603,867 shares during the period. Cable Car Capital LP boosted its position in shares of Forte Biosciences by 127.7% in the second quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock valued at $6,465,000 after acquiring an additional 280,396 shares during the period. Adage Capital Partners GP L.L.C. purchased a new position in Forte Biosciences during the second quarter valued at approximately $4,310,000. Finally, Mink Brook Asset Management LLC purchased a new position in Forte Biosciences during the second quarter valued at approximately $503,000. Hedge funds and other institutional investors own 77.63% of the company’s stock.

About Forte Biosciences

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.