Forte Biosciences (NASDAQ:FBRX) Upgraded at Wall Street Zen

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

A number of other analysts also recently weighed in on the stock. Chardan Capital reaffirmed a “buy” rating and issued a $61.00 target price on shares of Forte Biosciences in a research report on Friday, August 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forte Biosciences in a research report on Friday. Finally, Guggenheim initiated coverage on shares of Forte Biosciences in a research note on Monday, August 18th. They issued a “buy” rating and a $75.00 price target on the stock. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $68.00.

Forte Biosciences Price Performance

NASDAQ:FBRX opened at $11.78 on Friday. The firm’s 50-day moving average price is $12.82 and its 200-day moving average price is $11.01. The company has a market capitalization of $146.43 million, a PE ratio of -1.71 and a beta of 2.98. Forte Biosciences has a 1-year low of $4.12 and a 1-year high of $28.68.

Forte Biosciences (NASDAQ:FBRX) last released its earnings results on Thursday, August 14th. The company reported ($0.96) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.21) by $0.25. Equities analysts anticipate that Forte Biosciences will post -12.12 EPS for the current fiscal year.

Institutional Trading of Forte Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. increased its stake in Forte Biosciences by 52.5% during the 3rd quarter. Federated Hermes Inc. now owns 1,635,380 shares of the company’s stock valued at $24,531,000 after purchasing an additional 563,147 shares in the last quarter. Orbimed Advisors LLC lifted its stake in Forte Biosciences by 101.8% during the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after acquiring an additional 603,867 shares during the period. Tybourne Capital Management HK Ltd. lifted its stake in Forte Biosciences by 26.9% during the 2nd quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock valued at $10,171,000 after acquiring an additional 166,666 shares during the period. Cable Car Capital LP lifted its stake in Forte Biosciences by 127.7% during the 2nd quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock valued at $6,465,000 after acquiring an additional 280,396 shares during the period. Finally, Adage Capital Partners GP L.L.C. bought a new position in Forte Biosciences during the 2nd quarter valued at about $4,310,000. 77.63% of the stock is currently owned by institutional investors.

Forte Biosciences Company Profile

Forte Biosciences, Inc operates as a biopharmaceutical company in the United States. The company is developing FB-102 program that addresses various autoimmune diseases, such as graft-versus-host disease, and vitiligo and alopecia areata. Forte Biosciences, Inc is headquartered in Dallas, Texas.