Forte Biosciences, Inc. (NASDAQ:FBRX) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Forte Biosciences, Inc. (NASDAQ:FBRX) have been given an average rating of “Hold” by the six ratings firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $71.6667.

Several equities research analysts recently commented on the stock. Wall Street Zen downgraded shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 25th. Weiss Ratings raised shares of Forte Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 14th. Brookline Capital Markets lowered shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Evercore set a $77.00 price target on shares of Forte Biosciences in a report on Monday, July 27th. Finally, TD Cowen cut shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th.

Hedge Funds Weigh In On Forte Biosciences

Hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new stake in Forte Biosciences in the fourth quarter valued at approximately $27,000. Bank of America Corp DE raised its holdings 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 during the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Forte Biosciences in the 3rd quarter worth approximately $161,000. Jane Street Group LLC acquired a new position in shares of Forte Biosciences in the 4th quarter worth approximately $228,000. Finally, Citadel Advisors LLC bought a new stake in shares of Forte Biosciences in the 3rd quarter valued at $234,000. 77.63% of the stock is currently owned by institutional investors.

Forte Biosciences Stock Performance

Shares of FBRX opened at $76.92 on Friday. Forte Biosciences has a 52 week low of $10.11 and a 52 week high of $77.20. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -16.54 and a beta of 2.62. The stock has a fifty day moving average of $49.25 and a 200-day moving average of $34.39.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.97) EPS for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.03. As a group, equities 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.