Barclays Upgrades Forte Biosciences (NASDAQ:FBRX) to “Strong-Buy”

Forte Biosciences (NASDAQ:FBRX) was upgraded by equities researchers at Barclays to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

A number of other analysts also recently issued reports on FBRX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a report on Wednesday, July 8th. Wall Street Zen upgraded Forte Biosciences from a “strong sell” rating to a “sell” rating in a report on Sunday, July 12th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Forte Biosciences currently has an average rating of “Moderate Buy” and an average target price of $68.75.

Forte Biosciences Trading Up 6.8%

Shares of NASDAQ:FBRX opened at $50.73 on Tuesday. Forte Biosciences has a 52 week low of $9.10 and a 52 week high of $52.67. The company’s 50 day moving average is $24.20 and its two-hundred day moving average is $27.18. The company has a market cap of $704.44 million, a PE ratio of -10.93 and a beta of 2.85.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings data on Monday, May 11th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.08). As a group, equities research analysts expect that Forte Biosciences will post -4.27 EPS for the current year.

Institutional Investors Weigh In On Forte Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of FBRX. Federated Hermes Inc. lifted its position in Forte Biosciences by 8.0% in the fourth quarter. Federated Hermes Inc. now owns 1,765,516 shares of the company’s stock valued at $48,146,000 after acquiring an additional 130,136 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Forte Biosciences by 1.6% in the fourth quarter. Janus Henderson Group PLC now owns 1,425,785 shares of the company’s stock valued at $39,159,000 after acquiring an additional 21,943 shares during the period. Orbimed Advisors LLC grew its position in shares of Forte Biosciences by 101.8% during the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock worth $15,477,000 after acquiring an additional 603,867 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Forte Biosciences by 16.4% in the 3rd quarter. Vanguard Group Inc. now owns 566,741 shares of the company’s stock valued at $8,501,000 after acquiring an additional 79,822 shares during the period. Finally, Cable Car Capital LP raised its position 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 purchasing an additional 280,396 shares during the last quarter. 77.63% of the stock is currently owned by institutional investors and hedge funds.

Forte Biosciences Company Profile

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.