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

Forte Biosciences (NASDAQ:FBRX - Get Free Report) was upgraded by Wall Street Zen from a "strong sell" rating to a "sell" rating in a report released on Saturday.

Several other research analysts have also recently issued reports on the company. Evercore set a $77.00 price objective on Forte Biosciences in a research note on Monday, July 27th. Brookline Capital Markets lowered Forte Biosciences from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. Weiss Ratings upgraded shares of Forte Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, August 14th. Barclays lowered shares of Forte Biosciences from an "overweight" rating to an "equal weight" rating and raised their price target for the stock from $74.00 to $77.00 in a research report on Tuesday, July 28th. Finally, TD Cowen cut shares of Forte Biosciences from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Forte Biosciences currently has a consensus rating of "Hold" and a consensus target price of $71.67.

Forte Biosciences Price Performance

NASDAQ FBRX opened at $76.99 on Friday. The stock's fifty day moving average price is $55.18 and its 200 day moving average price is $35.99. Forte Biosciences has a 1 year low of $10.11 and a 1 year high of $77.20. The company 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 - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($0.97) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.00) by $0.03. Research analysts expect that Forte Biosciences will post -4.27 earnings per share for the current year.

Hedge Funds Weigh In On Forte Biosciences

Several institutional investors and hedge funds have recently modified their holdings of FBRX. Orbimed Advisors LLC boosted its stake in shares of Forte Biosciences by 101.8% in the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company's stock worth $15,477,000 after buying an additional 603,867 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Forte Biosciences during the second quarter valued at approximately $4,310,000. Cable Car Capital LP raised its position in Forte Biosciences by 127.7% during the second 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. AWM Investment Company Inc. acquired a new position in Forte Biosciences in the second quarter valued at approximately $4,728,000. Finally, Jain Global LLC acquired a new position in Forte Biosciences in the fourth quarter valued at approximately $5,520,000. 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.

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