Barclays Begins Coverage on Forte Biosciences (NASDAQ:FBRX)

Analysts at Barclays initiated coverage on shares of Forte Biosciences (NASDAQ:FBRX) in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The brokerage set an “overweight” rating and a $74.00 price target on the stock. Barclays‘s target price suggests a potential upside of 30.67% from the stock’s current price.

A number of other equities research analysts also recently issued reports on FBRX. Wall Street Zen upgraded shares of Forte Biosciences from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Forte Biosciences in a report on Wednesday, July 8th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $68.75.

Forte Biosciences Trading Up 11.6%

Shares of NASDAQ FBRX opened at $56.63 on Tuesday. Forte Biosciences has a one year low of $9.10 and a one year high of $56.84. The business has a 50-day moving average price of $24.84 and a two-hundred day moving average price of $27.38. The firm has a market capitalization of $786.59 million, a PE ratio of -12.20 and a beta of 2.85.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings results on Monday, May 11th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.08). Research analysts anticipate that Forte Biosciences will post -4.27 EPS for the current year.

Institutional Investors Weigh In On Forte Biosciences

A number of large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its holdings in Forte Biosciences by 6.7% during the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock valued at $829,000 after purchasing an additional 4,028 shares during the last quarter. Orbimed Advisors LLC lifted its stake in shares of Forte Biosciences by 101.8% in the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock worth $15,477,000 after buying an additional 603,867 shares during the last quarter. Cable Car Capital LP lifted its stake in shares of Forte Biosciences by 127.7% in the second quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock worth $6,465,000 after buying an additional 280,396 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in shares of Forte Biosciences during the 2nd quarter worth $4,310,000. Finally, Mink Brook Asset Management LLC bought a new stake in shares of Forte Biosciences during the 2nd quarter worth $503,000. Institutional investors own 77.63% of the company’s stock.

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.