Forte Biosciences (NASDAQ:FBRX) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Forte Biosciences (NASDAQ:FBRX) from a strong sell rating to a sell rating in a research note issued to investors on Saturday.

A number of other research analysts have also issued reports on the company. Evercore set a $77.00 target price on Forte Biosciences in a report on Monday, July 27th. Barclays downgraded shares of Forte Biosciences from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $74.00 to $77.00 in a report on Tuesday, July 28th. Brookline Capital Markets lowered shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. TD Cowen cut shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Finally, Weiss Ratings upgraded shares of Forte Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 14th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $71.67.

Forte Biosciences Price Performance

FBRX opened at $76.99 on Friday. The business has a 50 day moving average price of $55.18 and a two-hundred day moving average price of $35.99. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of -16.56 and a beta of 2.62. Forte Biosciences has a 1-year low of $10.11 and a 1-year high of $77.20.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.97) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.00) by $0.03. Equities analysts expect that Forte Biosciences will post -4.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Forte Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC lifted its holdings 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 purchasing an additional 4,028 shares during the last quarter. Orbimed Advisors LLC increased its stake in Forte Biosciences by 101.8% in the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock worth $15,477,000 after purchasing an additional 603,867 shares in the last quarter. Cable Car Capital LP raised its holdings in Forte Biosciences by 127.7% during the 2nd quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock worth $6,465,000 after buying an additional 280,396 shares during the period. Adage Capital Partners GP L.L.C. acquired a new stake in Forte Biosciences during the 2nd quarter worth about $4,310,000. Finally, Mink Brook Asset Management LLC purchased a new stake in Forte Biosciences during the second quarter valued at about $503,000. 77.63% of the stock is owned by institutional investors and hedge funds.

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.