Forte Biosciences (NASDAQ:FBRX) Upgraded to Buy at LADENBURG THALM/SH SH

LADENBURG THALM/SH SH upgraded shares of Forte Biosciences (NASDAQ:FBRX) from a neutral rating to a buy rating in a research note issued to investors on Monday morning, Marketbeat reports. They currently have $2.75 target price on the stock.

Forte Biosciences Stock Performance

Shares of FBRX stock opened at $0.70 on Monday. The stock’s 50-day moving average price is $0.68 and its 200-day moving average price is $0.64. Forte Biosciences has a 12-month low of $0.38 and a 12-month high of $1.15. The stock has a market capitalization of $25.52 million, a price-to-earnings ratio of -0.67 and a beta of 0.48.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings data on Monday, March 18th. The company reported ($0.04) earnings per share for the quarter. As a group, research analysts predict that Forte Biosciences will post -0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Forte Biosciences

Several large investors have recently added to or reduced their stakes in the stock. BML Capital Management LLC increased its stake in Forte Biosciences by 1.5% during the third quarter. BML Capital Management LLC now owns 1,761,702 shares of the company’s stock worth $1,166,000 after acquiring an additional 26,627 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Forte Biosciences by 14.4% in the second quarter. Renaissance Technologies LLC now owns 216,700 shares of the company’s stock worth $282,000 after buying an additional 27,300 shares during the period. Millennium Management LLC purchased a new stake in shares of Forte Biosciences in the second quarter worth approximately $77,000. Vanguard Group Inc. raised its holdings in shares of Forte Biosciences by 40.4% in the third quarter. Vanguard Group Inc. now owns 647,293 shares of the company’s stock worth $692,000 after buying an additional 186,159 shares during the period. Finally, Fred Alger Management LLC purchased a new stake in shares of Forte Biosciences in the third quarter worth approximately $1,217,000. 77.63% of the stock is owned by institutional investors.

Forte Biosciences Company Profile

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