Forte Biosciences, Inc. (NASDAQ:FBRX) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Forte Biosciences, Inc. (NASDAQ:FBRX) has received an average rating of “Moderate Buy” from the five research firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $67.00.

FBRX has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forte Biosciences in a report on Monday, December 29th. Chardan Capital restated a “buy” rating and set a $61.00 price target on shares of Forte Biosciences in a research note on Monday, November 17th. Wall Street Zen lowered shares of Forte Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Finally, Evercore ISI started coverage on shares of Forte Biosciences in a report on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 price objective on the stock.

Forte Biosciences Stock Up 2.1%

FBRX opened at $33.39 on Wednesday. The stock has a market capitalization of $418.38 million, a price-to-earnings ratio of -10.06 and a beta of 3.22. The firm has a 50 day moving average price of $22.68 and a 200-day moving average price of $15.74. Forte Biosciences has a twelve month low of $4.90 and a twelve month high of $34.19.

Forte Biosciences (NASDAQ:FBRX) last posted its earnings results on Friday, November 14th. The company reported ($0.99) EPS for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.05. As a group, analysts expect that Forte Biosciences will post -12.12 earnings per share for the current year.

Institutional Investors Weigh In On Forte Biosciences

Hedge funds have recently modified their holdings of the business. Mink Brook Asset Management LLC increased its stake in shares of Forte Biosciences by 109.1% in the 3rd quarter. Mink Brook Asset Management LLC now owns 81,312 shares of the company’s stock worth $1,220,000 after purchasing an additional 42,419 shares in the last quarter. Millennium Management LLC grew its holdings in Forte Biosciences by 66.1% during the third quarter. Millennium Management LLC now owns 119,812 shares of the company’s stock valued at $1,797,000 after purchasing an additional 47,696 shares during the period. Fred Alger Management LLC increased its position in Forte Biosciences by 1.1% in the third quarter. Fred Alger Management LLC now owns 1,636,030 shares of the company’s stock worth $24,540,000 after buying an additional 17,381 shares in the last quarter. Citadel Advisors LLC purchased a new stake in Forte Biosciences in the third quarter worth about $234,000. Finally, Bank of America Corp DE raised its stake in shares of Forte Biosciences by 5,641.8% in the third 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 during the period. Institutional investors own 77.63% of the company’s stock.

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.