Forte Biosciences (NASDAQ:FBRX) Rating Increased to Sell at Wall Street Zen

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

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Forte Biosciences in a research report on Friday, March 27th. 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Forte Biosciences Trading Up 5.7%

Shares of NASDAQ:FBRX opened at $28.19 on Friday. Forte Biosciences has a 52 week low of $6.13 and a 52 week high of $35.80. The company’s 50 day moving average is $28.35 and its two-hundred day moving average is $24.70. The company has a market cap of $391.56 million, a PE ratio of -5.91 and a beta of 3.01.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings data on Tuesday, March 31st. The company reported ($1.45) EPS for the quarter, missing analysts’ consensus estimates of ($1.42) by ($0.03). As a group, equities research analysts expect that Forte Biosciences will post -4.63 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Global Retirement Partners LLC acquired a new position in shares of Forte Biosciences in the 4th quarter valued at $27,000. Bank of America Corp DE grew its position 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. Jane Street Group LLC purchased a new position in Forte Biosciences during the 4th quarter worth $228,000. Persistent Asset Partners Ltd purchased a new position in Forte Biosciences during the 4th quarter worth $277,000. Finally, Alps Advisors Inc. purchased a new position in Forte Biosciences during the 4th quarter worth $281,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

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.