Forte Biosciences, Inc. (NASDAQ:FBRX) Given Average Rating of “Moderate Buy” by Analysts

Forte Biosciences, Inc. (NASDAQ:FBRX) has earned a consensus recommendation of “Moderate Buy” from the six brokerages that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $71.75.

FBRX has been the topic of a number of analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a research note on Wednesday, July 8th. Wall Street Zen downgraded Forte Biosciences from a “sell” rating to a “strong sell” rating in a research note on Saturday. TD Cowen lowered Forte Biosciences to a “hold” rating in a report on Monday. Barclays cut Forte Biosciences from an “overweight” rating to a “positive” rating in a research report on Tuesday. Finally, Evercore set a $77.00 price target on shares of Forte Biosciences in a report on Monday.

Institutional Trading of Forte Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of FBRX. Bank of America Corp DE boosted its holdings in Forte Biosciences by 444.0% in the 1st quarter. Bank of America Corp DE now owns 21,606 shares of the company’s stock valued at $560,000 after purchasing an additional 17,634 shares during the period. Stempoint Capital LP bought a new position in shares of Forte Biosciences in the first quarter worth $1,503,000. Royal Bank of Canada increased its holdings in shares of Forte Biosciences by 11.7% in the first quarter. Royal Bank of Canada now owns 13,389 shares of the company’s stock worth $346,000 after purchasing an additional 1,403 shares during the period. Candriam S.C.A. purchased a new stake in shares of Forte Biosciences in the first quarter worth $2,196,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Forte Biosciences in the fourth quarter worth $479,000. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

Key Forte Biosciences News

Here are the key news stories impacting Forte Biosciences this week:

• Positive Sentiment: argenx will acquire all outstanding Forte shares for $77 per share in cash, representing roughly a 41% premium to Forte’s prior closing price. The transaction gives investors a defined cash-out value, subject to customary closing conditions. Argenx to buy Forte Biosciences for about $2.2 billion
• Positive Sentiment: The acquisition gives argenx access to Forte’s experimental autoimmune therapy FB102, strengthening argenx’s immunology pipeline and providing strategic validation for Forte’s drug-development platform. Argenx Secures Promising Autoimmune Drug In Forte Biosciences Takeover
• Positive Sentiment: The transaction values Forte at a substantial premium and has driven unusually heavy investor interest, with reports describing the stock as trading near the proposed offer price. Forte Biosciences shares surge after argenx agrees to acquire company for $2.2B

Forte Biosciences Trading Up 39.6%

Forte Biosciences stock opened at $76.50 on Tuesday. The firm has a 50 day simple moving average of $27.30 and a 200 day simple moving average of $28.24. Forte Biosciences has a 1-year low of $9.10 and a 1-year high of $76.60. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of -16.49 and a beta of 2.85.

Forte Biosciences (NASDAQ:FBRX) last posted its earnings results on Monday, May 11th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.08). On average, equities research analysts forecast that Forte Biosciences will post -4.27 EPS for the current year.

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.