Forte Biosciences (NASDAQ:FBRX) Upgraded to Strong-Buy at Barclays

Barclays upgraded shares of Forte Biosciences (NASDAQ:FBRX) to a strong-buy rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

FBRX has been the subject of several other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Forte Biosciences in a research report on Wednesday, July 8th. Wall Street Zen upgraded shares of Forte Biosciences from a “strong sell” rating to a “sell” rating in a report on Sunday, July 12th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $68.75.

Forte Biosciences Stock Performance

FBRX opened at $50.73 on Tuesday. The firm has a 50 day moving average price of $24.20 and a 200 day moving average price of $27.18. The company has a market cap of $704.44 million, a PE ratio of -10.93 and a beta of 2.85. Forte Biosciences has a 1 year low of $9.10 and a 1 year high of $52.67.

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

Institutional Investors Weigh In On Forte Biosciences

Several hedge funds have recently modified their holdings of FBRX. Federated Hermes Inc. lifted its position in Forte Biosciences by 8.0% during the 4th quarter. Federated Hermes Inc. now owns 1,765,516 shares of the company’s stock worth $48,146,000 after acquiring an additional 130,136 shares in the last quarter. Janus Henderson Group PLC grew its position in 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 raised its stake 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 purchasing an additional 603,867 shares during the period. Vanguard Group Inc. raised its stake 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 purchasing an additional 79,822 shares during the period. Finally, Cable Car Capital LP lifted its position in shares of 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 purchasing an additional 280,396 shares in the last quarter. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

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.