Forte Biosciences (NASDAQ:FBRX) Earns Buy Rating from Analysts at Guggenheim

Guggenheim started coverage on shares of Forte Biosciences (NASDAQ:FBRX) in a research report released on Monday, Marketbeat.com reports. The firm issued a buy rating and a $75.00 price objective on the stock.

FBRX has been the topic of several other research reports. Chardan Capital reissued a “buy” rating and issued a $61.00 target price on shares of Forte Biosciences in a research note on Friday, August 15th. Wall Street Zen raised shares of Forte Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $68.00.

Forte Biosciences Trading Up 0.1%

Shares of FBRX opened at $11.76 on Monday. Forte Biosciences has a twelve month low of $4.11 and a twelve month high of $28.68. The company has a market cap of $77.38 million, a P/E ratio of -0.72 and a beta of 2.91. The company’s fifty day simple moving average is $11.45 and its 200-day simple moving average is $9.34.

Forte Biosciences (NASDAQ:FBRX) last announced its earnings results on Thursday, August 14th. The company reported ($0.96) earnings per share for the quarter, beating the consensus estimate of ($1.21) by $0.25. Analysts predict that Forte Biosciences will post -12.12 earnings per share for the current fiscal year.

Institutional Trading of Forte Biosciences

A number of institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in shares of Forte Biosciences by 70,000.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company’s stock valued at $48,000 after buying an additional 2,100 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Forte Biosciences by 18.3% in the 4th quarter. Geode Capital Management LLC now owns 16,877 shares of the company’s stock valued at $383,000 after buying an additional 2,607 shares in the last quarter. Garde Capital Inc. bought a new stake in shares of Forte Biosciences in the 1st quarter valued at about $31,000. AlphaQuest LLC bought a new stake in shares of Forte Biosciences in the 1st quarter valued at about $33,000. Finally, Acuta Capital Partners LLC acquired a new stake in Forte Biosciences in the 4th quarter worth approximately $412,000. 77.63% of the stock is currently owned by institutional investors.

About Forte Biosciences

Forte Biosciences, Inc operates as a biopharmaceutical company in the United States. The company is developing FB-102 program that addresses various autoimmune diseases, such as graft-versus-host disease, and vitiligo and alopecia areata. Forte Biosciences, Inc is headquartered in Dallas, Texas.