Forte Biosciences (NASDAQ:FBRX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Forte Biosciences (NASDAQ:FBRX) from a strong sell rating to a sell rating in a research report released on Saturday morning,Wall Street Zen reports.

Other analysts also recently issued reports about the company. Weiss Ratings raised Forte Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 14th. Evercore set a $77.00 target price on Forte Biosciences in a research report on Monday, July 27th. Barclays cut Forte Biosciences from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $74.00 to $77.00 in a research report on Tuesday, July 28th. TD Cowen downgraded Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Finally, Brookline Capital Markets lowered Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $71.67.

Forte Biosciences Price Performance

Shares of NASDAQ FBRX opened at $76.99 on Friday. The company has a 50-day moving average price of $56.36 and a 200-day moving average price of $36.36. The stock has a market capitalization of $1.63 billion, a P/E ratio of -16.56 and a beta of 2.62. Forte Biosciences has a 1 year low of $10.11 and a 1 year high of $77.20.

Forte Biosciences (NASDAQ:FBRX) last posted its earnings results on Wednesday, August 12th. The company reported ($0.97) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.03. As a group, equities research analysts anticipate that Forte Biosciences will post -4.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Forte Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in FBRX. Federated Hermes Inc. boosted its stake in shares of Forte Biosciences by 8.0% in the 4th quarter. Federated Hermes Inc. now owns 1,765,516 shares of the company’s stock worth $48,146,000 after buying an additional 130,136 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Forte Biosciences by 1.6% in the fourth quarter. Janus Henderson Group PLC now owns 1,425,785 shares of the company’s stock valued at $39,159,000 after acquiring an additional 21,943 shares in the last quarter. Orbimed Advisors LLC increased its position in shares of Forte Biosciences by 101.8% during the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after acquiring an additional 603,867 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Forte Biosciences by 16.4% during the third quarter. Vanguard Group Inc. now owns 566,741 shares of the company’s stock valued at $8,501,000 after acquiring an additional 79,822 shares during the last quarter. Finally, Cable Car Capital LP lifted its holdings in Forte Biosciences by 127.7% during the second quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock worth $6,465,000 after acquiring an additional 280,396 shares during the period. Hedge funds and other institutional investors own 77.63% of the company’s stock.

About Forte Biosciences

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.