Brokerages Set Forte Biosciences, Inc. (NASDAQ:FBRX) Price Target at $67.00

Shares of Forte Biosciences, Inc. (NASDAQ:FBRX) have been given a consensus recommendation of “Moderate Buy” by the five research firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $68.75.

Several research firms have recently weighed in 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. Barclays initiated coverage on shares of Forte Biosciences in a report on Tuesday. They issued an “overweight” rating and a $74.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a research report on Wednesday, July 8th.

Institutional Investors Weigh In On Forte Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the business. Candriam S.C.A. bought a new stake in shares of Forte Biosciences in the 1st quarter valued at $2,196,000. 683 Capital Management LLC acquired a new position in shares of Forte Biosciences during the 4th quarter valued at $1,091,000. Royal Bank of Canada boosted its stake in Forte Biosciences by 6.5% during the fourth quarter. Royal Bank of Canada now owns 11,986 shares of the company’s stock worth $327,000 after acquiring an additional 733 shares in the last quarter. Persistent Asset Partners Ltd bought a new position in Forte Biosciences during the fourth quarter worth $277,000. Finally, Jane Street Group LLC acquired a new stake in Forte Biosciences in the fourth quarter worth $228,000. Institutional investors own 77.63% of the company’s stock.

Forte Biosciences Price Performance

Shares of FBRX stock opened at $59.70 on Tuesday. The business’s 50 day simple moving average is $25.55 and its 200 day simple moving average is $27.64. Forte Biosciences has a one year low of $9.10 and a one year high of $62.46. The stock has a market capitalization of $829.23 million, a PE ratio of -12.87 and a beta of 2.85.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings results on Monday, May 11th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.08). As a group, research analysts expect that Forte Biosciences will post -4.27 earnings per share 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.