Forte Biosciences (NASDAQ:FBRX) Downgraded to “Hold” Rating by Evercore

Evercore cut shares of Forte Biosciences (NASDAQ:FBRX) from a strong-buy rating to a hold rating in a research note released on Monday morning,Zacks.com reports.

FBRX has been the topic of several other research reports. Brookline Capital Markets lowered Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday. Barclays cut Forte Biosciences from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $74.00 to $77.00 in a report on Tuesday. Wall Street Zen downgraded shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a research note on Saturday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a report on Wednesday, July 8th. Finally, TD Cowen cut shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday. Two equities research analysts have 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 data from MarketBeat.com, Forte Biosciences presently has an average rating of “Hold” and a consensus price target of $72.50.

Forte Biosciences Trading Up 0.2%

NASDAQ FBRX opened at $76.65 on Monday. The stock’s 50 day moving average is $28.43 and its two-hundred day moving average is $28.59. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of -16.52 and a beta of 2.85. Forte Biosciences has a 1-year low of $9.10 and a 1-year high of $76.68.

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

Institutional Investors Weigh In On Forte Biosciences

Several institutional investors have recently modified their holdings of the business. Candriam S.C.A. acquired a new stake in Forte Biosciences during the 1st quarter worth $2,196,000. 683 Capital Management LLC acquired a new position in Forte Biosciences during the fourth quarter valued at approximately $1,091,000. ExodusPoint Capital Management LP bought a new position in shares of Forte Biosciences during the fourth quarter worth $302,000. Alps Advisors Inc. acquired a new position in Forte Biosciences in the fourth quarter valued at about $281,000. Finally, Persistent Asset Partners Ltd acquired a new position in shares of Forte Biosciences in the 4th quarter valued at approximately $277,000. Institutional investors and hedge funds 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.