Forte Biosciences (NASDAQ:FBRX) Cut to Strong Sell at Wall Street Zen

Wall Street Zen lowered shares of Forte Biosciences (NASDAQ:FBRX) from a sell rating to a strong sell rating in a research report sent to investors on Saturday.

Several other research firms have also weighed in on FBRX. Barclays assumed coverage on shares of Forte Biosciences in a research report on Tuesday, July 21st. They set an “overweight” rating and a $74.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a report on Wednesday, July 8th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $71.75.

Forte Biosciences Stock Performance

NASDAQ:FBRX opened at $76.50 on Friday. Forte Biosciences has a 1 year low of $9.10 and a 1 year high of $76.60. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -16.49 and a beta of 2.85. The business has a fifty day moving average of $27.30 and a 200-day moving average of $28.24.

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

Institutional Investors Weigh In On Forte Biosciences

Large investors have recently made changes to their positions in the company. Global Retirement Partners LLC purchased a new stake in shares of Forte Biosciences in the 4th quarter valued at approximately $27,000. Bank of America Corp DE grew its position in Forte Biosciences by 5,641.8% during the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock worth $47,000 after purchasing an additional 3,103 shares in the last quarter. Dimensional Fund Advisors LP acquired a new stake in Forte Biosciences during the 3rd quarter valued at $161,000. Jane Street Group LLC acquired a new stake in Forte Biosciences during the 4th quarter valued at $228,000. Finally, Citadel Advisors LLC purchased a new stake in shares of Forte Biosciences in the third quarter valued at $234,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

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 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.