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

Forte Biosciences, Inc. (NASDAQ:FBRX) has been assigned a consensus recommendation of “Moderate Buy” from the five analysts that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $67.00.

A number of research firms recently weighed in on FBRX. 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 assumed coverage on Forte Biosciences in a report on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 price objective for the company. Chardan Capital reiterated a “buy” rating and issued a $61.00 target price on shares of Forte Biosciences in a research report on Monday, November 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a research note on Monday, December 15th.

Institutional Investors Weigh In On Forte Biosciences

Several hedge funds have recently bought and sold shares of the business. Bank of America Corp DE increased its holdings in Forte Biosciences by 5,641.8% in the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock worth $47,000 after buying an additional 3,103 shares in the last quarter. AlphaQuest LLC purchased a new stake in shares of Forte Biosciences during the 1st quarter valued at about $33,000. Dimensional Fund Advisors LP bought a new stake in shares of Forte Biosciences in the third quarter worth approximately $161,000. Citadel Advisors LLC purchased a new position in shares of Forte Biosciences during the third quarter valued at approximately $234,000. Finally, Envestnet Asset Management Inc. bought a new position in Forte Biosciences during the second quarter valued at approximately $244,000. Institutional investors own 77.63% of the company’s stock.

Forte Biosciences Stock Up 1.6%

Forte Biosciences stock opened at $27.87 on Friday. The firm has a 50 day moving average price of $18.12 and a 200-day moving average price of $14.16. Forte Biosciences has a twelve month low of $4.90 and a twelve month high of $31.27. The company has a market capitalization of $349.21 million, a P/E ratio of -8.39 and a beta of 3.26.

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