Chardan Capital Reaffirms “Buy” Rating for Forte Biosciences (NASDAQ:FBRX)

Forte Biosciences (NASDAQ:FBRX)‘s stock had its “buy” rating reiterated by stock analysts at Chardan Capital in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $61.00 target price on the stock. Chardan Capital’s price objective indicates a potential upside of 239.45% from the company’s current price.

A number of other brokerages have also commented on FBRX. Wall Street Zen lowered Forte Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday. Guggenheim started coverage on shares of Forte Biosciences in a report on Monday, August 18th. They set a “buy” rating and a $75.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forte Biosciences in a research note on Friday, October 31st. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Forte Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.00.

Forte Biosciences Trading Up 24.0%

FBRX opened at $17.97 on Monday. Forte Biosciences has a 1-year low of $4.90 and a 1-year high of $28.68. The stock has a market capitalization of $223.42 million, a PE ratio of -5.41 and a beta of 2.98. The firm has a 50-day moving average price of $13.32 and a two-hundred day moving average price of $11.51.

Forte Biosciences (NASDAQ:FBRX) last announced its earnings results on Friday, November 14th. The company reported ($0.99) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.05. On average, research analysts predict that Forte Biosciences will post -12.12 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FBRX. Bank of America Corp DE increased 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 worth $47,000 after purchasing an additional 3,103 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Forte Biosciences by 6.7% in the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock valued at $829,000 after buying an additional 4,028 shares in the last quarter. AlphaQuest LLC bought a new position in shares of Forte Biosciences in the first quarter valued at $33,000. Envestnet Asset Management Inc. increased its holdings in Forte Biosciences by 23.8% during the third quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company’s stock worth $350,000 after buying an additional 4,491 shares during the last quarter. Finally, Dimensional Fund Advisors LP bought a new stake in Forte Biosciences during the third quarter worth $161,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

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.