Forte Biosciences, Inc. (NASDAQ:FBRX) Given Consensus Recommendation of “Hold” by Brokerages

Forte Biosciences, Inc. (NASDAQ:FBRX) has been given an average recommendation of “Hold” by the six analysts that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $71.6667.

A number of research firms have issued reports on FBRX. Weiss Ratings raised Forte Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 14th. TD Cowen downgraded Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Barclays cut shares of Forte Biosciences from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $74.00 to $77.00 in a research report on Tuesday, July 28th. Brookline Capital Markets downgraded 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.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FBRX. Geode Capital Management LLC grew its position in Forte Biosciences by 6.7% in the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock worth $829,000 after acquiring an additional 4,028 shares in the last quarter. Orbimed Advisors LLC lifted its stake in shares of Forte Biosciences by 101.8% in the 2nd 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 last quarter. Cable Car Capital LP lifted its stake in shares of 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. Adage Capital Partners GP L.L.C. purchased a new position in shares of Forte Biosciences in the 2nd quarter worth approximately $4,310,000. Finally, Mink Brook Asset Management LLC purchased a new position in shares of Forte Biosciences in the 2nd quarter worth approximately $503,000. Institutional investors own 77.63% of the company’s stock.

Forte Biosciences Price Performance

Shares of Forte Biosciences stock opened at $76.99 on Wednesday. Forte Biosciences has a twelve month low of $10.11 and a twelve month high of $77.20. The business has a 50-day moving average price of $63.22 and a 200-day moving average price of $38.32. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -16.56 and a beta of 2.62.

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

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.