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

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

A number of other equities analysts have also commented on FBRX. Chardan Capital restated a “buy” rating and set a $61.00 price objective on shares of Forte Biosciences in a research note on Friday, August 15th. Guggenheim started coverage on Forte Biosciences in a research note on Monday, August 18th. They issued a “buy” rating and a $75.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $68.00.

Forte Biosciences Price Performance

Forte Biosciences stock opened at $12.19 on Friday. The stock’s fifty day moving average price is $12.55 and its two-hundred day moving average price is $10.51. Forte Biosciences has a one year low of $4.11 and a one year high of $28.68. The firm has a market cap of $151.52 million, a PE ratio of -0.75 and a beta of 3.03.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.96) EPS for the quarter, topping analysts’ consensus estimates of ($1.21) by $0.25. Sell-side analysts expect that Forte Biosciences will post -12.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Forte Biosciences

Several hedge funds have recently modified their holdings of FBRX. Federated Hermes Inc. acquired a new stake in shares of Forte Biosciences during the 2nd quarter valued at $13,864,000. Orbimed Advisors LLC boosted its holdings in shares of Forte Biosciences by 101.8% during the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after acquiring an additional 603,867 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Forte Biosciences during the 2nd quarter valued at $4,310,000. Cable Car Capital LP boosted its holdings in shares of Forte Biosciences by 127.7% during the 2nd quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock valued at $6,465,000 after acquiring an additional 280,396 shares in the last quarter. Finally, Tybourne Capital Management HK Ltd. boosted its holdings in shares of Forte Biosciences by 26.9% during the 2nd quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock valued at $10,171,000 after acquiring an additional 166,666 shares in the last quarter. 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.