Forte Biosciences (NASDAQ:FBRX) Stock Rating Lowered by Wall Street Zen

by · The Markets Daily

Forte Biosciences (NASDAQ:FBRX – Get Free Report) was downgraded by investment analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report issued on Saturday.

A number of other equities analysts also recently issued reports on FBRX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a research note on Wednesday, July 8th. Barclays assumed coverage on shares of Forte Biosciences in a research note on Tuesday, July 21st. They issued an “overweight” rating and a $74.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Forte Biosciences has an average rating of “Moderate Buy” and an average target price of $68.75.

View Our Latest Stock Report on Forte Biosciences

Forte Biosciences Price Performance

NASDAQ:FBRX opened at $54.78 on Friday. Forte Biosciences has a 1-year low of $9.10 and a 1-year high of $62.46. The company has a 50-day moving average of $26.19 and a 200 day moving average of $27.86. The firm has a market cap of $760.89 million, a PE ratio of -11.81 and a beta of 2.85.

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

Institutional Trading of Forte Biosciences

Several hedge funds have recently modified their holdings of the company. Orbimed Advisors LLC boosted its holdings in shares of Forte Biosciences by 101.8% in the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after buying an additional 603,867 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Forte Biosciences during the 2nd quarter worth approximately $4,310,000. Cable Car Capital LP lifted its position in Forte Biosciences by 127.7% during the second quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock valued at $6,465,000 after acquiring an additional 280,396 shares during the last quarter. Jain Global LLC purchased a new stake in Forte Biosciences during the fourth quarter valued at approximately $5,520,000. Finally, Federated Hermes Inc. boosted its stake in Forte Biosciences by 8.0% in the fourth quarter. Federated Hermes Inc. now owns 1,765,516 shares of the company’s stock valued at $48,146,000 after acquiring an additional 130,136 shares in the last quarter. 77.63% of the stock is owned by hedge funds and other institutional investors.

About Forte Biosciences

(Get Free Report)

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.

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