Forte Biosciences, Inc. (NASDAQ:FBRX) Given Consensus Rating of “Hold” by Analysts

Forte Biosciences, Inc. (NASDAQ:FBRX) has received a consensus recommendation of “Hold” from the seven research firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $72.50.

A number of research analysts have recently issued reports on FBRX shares. Wall Street Zen downgraded Forte Biosciences from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 25th. Brookline Capital Markets cut Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. TD Cowen downgraded Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Weiss Ratings lowered Forte Biosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, July 28th. Finally, Evercore set a $77.00 price target on Forte Biosciences in a report on Monday, July 27th.

Institutional Investors Weigh In On Forte Biosciences

Large investors have recently bought and sold shares of the stock. Global Retirement Partners LLC acquired a new position in shares of Forte Biosciences during the fourth quarter valued at about $27,000. Bank of America Corp DE raised its stake in 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 worth $47,000 after buying an additional 3,103 shares during the period. Dimensional Fund Advisors LP bought a new position in Forte Biosciences in the third quarter worth approximately $161,000. Jane Street Group LLC acquired a new stake in Forte Biosciences in the fourth quarter valued at approximately $228,000. Finally, Citadel Advisors LLC bought a new stake in shares of Forte Biosciences during the third quarter valued at approximately $234,000. 77.63% of the stock is currently owned by institutional investors and hedge funds.

Forte Biosciences Stock Down 0.0%

Shares of NASDAQ FBRX opened at $76.83 on Friday. The company has a market capitalization of $1.07 billion, a PE ratio of -16.52 and a beta of 2.62. Forte Biosciences has a twelve month low of $10.11 and a twelve month high of $77.20. The firm has a fifty day simple moving average of $43.25 and a 200 day simple moving average of $32.80.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.97) EPS for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.03. As a group, equities analysts expect that Forte Biosciences will post -4.27 earnings per share for the current fiscal year.

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.