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

Forte Biosciences, Inc. (NASDAQ:FBRX) has been assigned a consensus rating of “Hold” from the six research firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $71.6667.

Several research analysts have recently weighed in on the company. Evercore set a $77.00 price objective on Forte Biosciences in a research report on Monday, July 27th. TD Cowen lowered Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Wall Street Zen upgraded Forte Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 29th. Weiss Ratings raised Forte Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 14th. Finally, Brookline Capital Markets cut shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th.

Forte Biosciences Price Performance

Forte Biosciences stock opened at $76.99 on Wednesday. The company’s 50 day simple moving average is $66.57 and its 200 day simple moving average is $39.33. Forte Biosciences has a fifty-two week low of $10.11 and a fifty-two week high of $77.20. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -16.56 and a beta of 2.62.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.97) EPS for the quarter, topping the consensus estimate of ($1.00) by $0.03. As a group, analysts predict that Forte Biosciences will post -4.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Forte Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC acquired a new position in Forte Biosciences during the fourth quarter valued at approximately $27,000. Bank of America Corp DE grew its stake in Forte Biosciences by 5,641.8% in the third quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after purchasing an additional 3,103 shares in the last quarter. California State Teachers Retirement System acquired a new position in shares of Forte Biosciences during the 2nd quarter worth approximately $121,000. Dimensional Fund Advisors LP acquired a new position in shares of Forte Biosciences during the 3rd quarter worth approximately $161,000. Finally, Jane Street Group LLC bought a new stake in shares of Forte Biosciences during the 4th quarter worth approximately $228,000. 77.63% of the stock is owned by institutional investors.

Forte Biosciences Company Profile

Forte Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing microbiome-based therapies for inflammatory and immune-mediated skin diseases. The company’s approach involves using naturally occurring microorganisms and their biological effects to help restore healthy skin function and address disease-related inflammation.

Forte’s lead product candidate has been FB-401, a topical live biotherapeutic product based on Roseomonas mucosa, a naturally occurring bacterium found on human skin.