Forte Biosciences, Inc. (NASDAQ:FBRX) Receives Average Recommendation of “Moderate Buy” from Brokerages

Forte Biosciences, Inc. (NASDAQ:FBRX) has been given a consensus recommendation of “Moderate Buy” by the five analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $67.00.

FBRX has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a report on Wednesday, July 8th. Barclays assumed coverage on Forte Biosciences in a report on Tuesday. They set an “overweight” rating for the company. Finally, Wall Street Zen upgraded shares of Forte Biosciences from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th.

Forte Biosciences Stock Performance

Forte Biosciences stock opened at $47.49 on Tuesday. The stock has a market cap of $659.64 million, a P/E ratio of -10.23 and a beta of 2.85. Forte Biosciences has a fifty-two week low of $9.10 and a fifty-two week high of $52.15. The firm’s fifty day moving average price is $23.67 and its 200-day moving average price is $27.01.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings data on Monday, May 11th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.08). Sell-side analysts predict that Forte Biosciences will post -4.27 earnings per share for the current year.

Hedge Funds Weigh In On Forte Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC bought a new position in shares of Forte Biosciences in the 4th quarter worth $27,000. Bank of America Corp DE raised its position in shares of Forte Biosciences by 5,641.8% during the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after buying an additional 3,103 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of Forte Biosciences during the 3rd quarter worth $161,000. Jane Street Group LLC bought a new stake in shares of Forte Biosciences during the 4th quarter worth $228,000. Finally, Citadel Advisors LLC purchased a new position in Forte Biosciences in the third quarter worth $234,000. 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.