Forte Biosciences, Inc. (NASDAQ:FBRX) Given Average Rating of “Moderate Buy” by Brokerages

Forte Biosciences, Inc. (NASDAQ:FBRX) has earned a consensus rating of “Moderate Buy” from the five research firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $67.00.

Several equities research analysts recently commented on FBRX shares. Chardan Capital reiterated a “buy” rating and set a $61.00 target price on shares of Forte Biosciences in a report on Monday, November 17th. Wall Street Zen lowered shares of Forte Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Evercore ISI began coverage on shares of Forte Biosciences in a research report on Tuesday, November 25th. They set an “outperform” rating and a $65.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a report on Monday.

Institutional Trading of Forte Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mink Brook Asset Management LLC lifted its stake in Forte Biosciences by 109.1% during the third quarter. Mink Brook Asset Management LLC now owns 81,312 shares of the company’s stock worth $1,220,000 after purchasing an additional 42,419 shares during the last quarter. Millennium Management LLC lifted its position in shares of Forte Biosciences by 66.1% in the 3rd quarter. Millennium Management LLC now owns 119,812 shares of the company’s stock worth $1,797,000 after buying an additional 47,696 shares during the last quarter. Fred Alger Management LLC boosted its holdings in shares of Forte Biosciences by 1.1% in the 3rd quarter. Fred Alger Management LLC now owns 1,636,030 shares of the company’s stock valued at $24,540,000 after buying an additional 17,381 shares during the period. Citadel Advisors LLC acquired a new position in shares of Forte Biosciences in the 3rd quarter valued at about $234,000. Finally, Bank of America Corp DE grew 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 valued at $47,000 after buying an additional 3,103 shares during the last quarter. 77.63% of the stock is owned by institutional investors.

Forte Biosciences Price Performance

Shares of NASDAQ FBRX opened at $29.69 on Friday. The company has a 50-day simple moving average of $16.67 and a 200-day simple moving average of $13.57. The company has a market cap of $372.02 million, a PE ratio of -8.94 and a beta of 3.26. Forte Biosciences has a 12 month low of $4.90 and a 12 month high of $29.71.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.99) EPS for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.05. On average, analysts anticipate that Forte Biosciences will post -12.12 EPS for the current year.

Forte Biosciences Company Profile

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.