Wall Street Zen Upgrades Forte Biosciences (NASDAQ:FBRX) to Sell

Forte Biosciences (NASDAQ:FBRX) was upgraded by Wall Street Zen from a “strong sell” rating to a “sell” rating in a research report issued on Saturday.

Other equities research analysts also recently issued research reports about the company. Brookline Capital Markets downgraded Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Barclays downgraded shares of Forte Biosciences from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $74.00 to $77.00 in a report on Tuesday, July 28th. Weiss Ratings raised shares of Forte Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 14th. TD Cowen cut shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Finally, Evercore set a $77.00 price objective on shares of Forte Biosciences in a research report on Monday, July 27th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $71.67.

Forte Biosciences Stock Performance

FBRX opened at $76.99 on Friday. The business’s 50-day simple moving average is $55.18 and its 200 day simple moving average is $36.03. Forte Biosciences has a 52-week low of $10.11 and a 52-week high of $77.20. The firm has a market capitalization of $1.63 billion, a PE ratio of -16.56 and a beta of 2.62.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.97) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.03. On average, research analysts forecast that Forte Biosciences will post -4.27 earnings per share for the current year.

Institutional Trading of Forte Biosciences

A number of hedge funds have recently made changes to their positions in FBRX. Orbimed Advisors LLC raised its position in shares of Forte Biosciences by 101.8% in the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after purchasing an additional 603,867 shares during the period. Adage Capital Partners GP L.L.C. bought a new stake in shares of Forte Biosciences during the 2nd quarter worth about $4,310,000. Cable Car Capital LP grew its stake in Forte Biosciences by 127.7% in the 2nd quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock valued at $6,465,000 after buying an additional 280,396 shares during the last quarter. AWM Investment Company Inc. acquired a new position in Forte Biosciences in the 2nd quarter valued at about $4,728,000. Finally, Jain Global LLC bought a new position in Forte Biosciences in the 4th quarter valued at about $5,520,000. 77.63% of the stock is owned by institutional investors and hedge funds.

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.