Evercore ISI Initiates Coverage on Forte Biosciences (NASDAQ:FBRX)

Analysts at Evercore ISI assumed coverage on shares of Forte Biosciences (NASDAQ:FBRX) in a note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $65.00 price target on the stock. Evercore ISI’s price target would suggest a potential upside of 240.67% from the company’s previous close.

FBRX has been the topic of several other research reports. Guggenheim began coverage on Forte Biosciences in a research report on Monday, August 18th. They set a “buy” rating and a $75.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Forte Biosciences in a report on Thursday, November 20th. Chardan Capital reaffirmed a “buy” rating and issued a $61.00 price target on shares of Forte Biosciences in a research note on Monday, November 17th. Finally, Wall Street Zen cut shares of Forte Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Forte Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Forte Biosciences Stock Down 4.6%

Shares of NASDAQ FBRX opened at $19.08 on Tuesday. The business’s 50 day moving average price is $14.28 and its two-hundred day moving average price is $12.02. Forte Biosciences has a twelve month low of $4.90 and a twelve month high of $28.68. The company has a market cap of $239.07 million, a PE ratio of -5.75 and a beta of 2.98.

Forte Biosciences (NASDAQ:FBRX) last announced its earnings results on Friday, November 14th. The company reported ($0.99) EPS for the quarter, topping the consensus estimate of ($1.04) by $0.05. As a group, research analysts anticipate that Forte Biosciences will post -12.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Forte Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Mink Brook Asset Management LLC lifted its stake in Forte Biosciences by 109.1% in the 3rd quarter. Mink Brook Asset Management LLC now owns 81,312 shares of the company’s stock valued at $1,220,000 after purchasing an additional 42,419 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Forte Biosciences by 66.1% in the 3rd quarter. Millennium Management LLC now owns 119,812 shares of the company’s stock valued at $1,797,000 after acquiring an additional 47,696 shares during the last quarter. Fred Alger Management LLC boosted its holdings in shares of Forte Biosciences by 1.1% during the 3rd quarter. Fred Alger Management LLC now owns 1,636,030 shares of the company’s stock valued at $24,540,000 after acquiring an additional 17,381 shares in the last quarter. Citadel Advisors LLC bought a new stake in Forte Biosciences during the 3rd quarter worth $234,000. Finally, Bank of America Corp DE raised its position in Forte Biosciences by 5,641.8% in the third quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after purchasing an additional 3,103 shares during the last quarter. 77.63% of the stock is currently owned by institutional investors and hedge funds.

About Forte Biosciences

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.