Wall Street Zen Upgrades Forte Biosciences (NASDAQ:FBRX) to “Hold”

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

Separately, Chardan Capital reissued a “buy” rating and issued a $61.00 price target on shares of Forte Biosciences in a research report on Friday.

Forte Biosciences Stock Up 2.9%

FBRX opened at $11.91 on Friday. The stock has a market cap of $78.37 million, a price-to-earnings ratio of -0.73 and a beta of 2.91. Forte Biosciences has a twelve month low of $4.11 and a twelve month high of $28.68. The company’s 50-day moving average price is $11.48 and its two-hundred day moving average price is $9.31.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.96) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.21) by $0.25. As a group, sell-side analysts anticipate that Forte Biosciences will post -12.12 earnings per share for the current year.

Institutional Trading of Forte Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of FBRX. Garde Capital Inc. bought a new stake in Forte Biosciences during the 1st quarter worth approximately $31,000. AlphaQuest LLC bought a new stake in Forte Biosciences during the 1st quarter worth approximately $33,000. JPMorgan Chase & Co. increased its holdings in Forte Biosciences by 70,000.0% during the 4th quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company’s stock worth $48,000 after acquiring an additional 2,100 shares during the period. Envestnet Asset Management Inc. bought a new stake in Forte Biosciences during the 2nd quarter worth approximately $244,000. Finally, Geode Capital Management LLC increased its holdings in Forte Biosciences by 18.3% during the 4th quarter. Geode Capital Management LLC now owns 16,877 shares of the company’s stock worth $383,000 after acquiring an additional 2,607 shares during the period. Institutional investors own 77.63% of the company’s stock.

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.