Forte Biosciences (NASDAQ:FBRX) Coverage Initiated by Analysts at Evercore ISI

Equities researchers at Evercore ISI began coverage on shares of Forte Biosciences (NASDAQ:FBRX) in a report issued on Tuesday, MarketBeat.com reports. The brokerage set an “outperform” rating and a $65.00 price target on the stock. Evercore ISI’s target price indicates a potential upside of 240.67% from the stock’s previous close.

FBRX has been the subject of a number of other research reports. Wall Street Zen cut Forte Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Guggenheim began coverage on shares of Forte Biosciences in a research report on Monday, August 18th. They set a “buy” rating and a $75.00 target price on the stock. Chardan Capital reaffirmed a “buy” rating and set a $61.00 price target on shares of Forte Biosciences in a report on Monday, November 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a research note on Thursday, November 20th. One investment 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 data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Forte Biosciences Trading Down 4.6%

Shares of NASDAQ FBRX opened at $19.08 on Tuesday. The stock has a fifty day moving average price of $14.28 and a 200 day moving average price of $12.02. Forte Biosciences has a 12-month low of $4.90 and a 12-month high of $28.68. The company has a market cap of $239.07 million, a P/E ratio of -5.75 and a beta of 2.98.

Forte Biosciences (NASDAQ:FBRX) last issued its earnings results on Friday, November 14th. The company reported ($0.99) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.05. On average, sell-side analysts forecast that Forte Biosciences will post -12.12 EPS for the current fiscal year.

Institutional Trading of Forte Biosciences

Hedge funds have recently made changes to their positions in the stock. AlphaQuest LLC bought a new stake in shares of Forte Biosciences in the first quarter worth $33,000. Bank of America Corp DE grew its holdings 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 acquiring an additional 3,103 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of Forte Biosciences in the 3rd quarter worth about $161,000. Citadel Advisors LLC bought a new stake in shares of Forte Biosciences in the 3rd quarter worth about $234,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Forte Biosciences in the 2nd quarter valued at about $244,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

Forte Biosciences Company Profile

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.