Forte Biosciences' (FBRX) "Buy" Rating Reiterated at Chardan Capital

Key Points

• Chardan Capital has reiterated its "buy" rating for Forte Biosciences (NASDAQ:FBRX) with a target price of $61.00, suggesting a potential upside of 463.77% from the current stock price.
• Despite the positive outlook from Chardan, Wall Street Zen recently downgraded Forte Biosciences from a "hold" to a "sell" rating.
• Forte Biosciences reported earnings per share of ($0.96) for the last quarter, beating the consensus estimate, but is forecasted to post -12.12 EPS for the current fiscal year.

Forte Biosciences (NASDAQ:FBRX - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Chardan Capital in a report released on Friday,Benzinga reports. They currently have a $61.00 price target on the stock. Chardan Capital's target price would suggest a potential upside of 463.77% from the stock's current price.

Separately, Wall Street Zen downgraded shares of Forte Biosciences from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd.

Forte Biosciences Trading Up 2.4%

Shares of FBRX stock opened at $10.82 on Friday. The firm's 50 day moving average is $11.48 and its 200-day moving average is $9.44. Forte Biosciences has a 1 year low of $4.11 and a 1 year high of $28.68. The firm has a market capitalization of $71.20 million, a price-to-earnings ratio of -0.66 and a beta of 2.91.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.96) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.21) by $0.25. On average, equities research analysts forecast that Forte Biosciences will post -12.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Forte Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Garde Capital Inc. bought a new position in shares of Forte Biosciences during the 1st quarter worth approximately $31,000. AlphaQuest LLC bought a new position in Forte Biosciences during the first quarter worth $33,000. JPMorgan Chase & Co. grew its stake in Forte Biosciences by 70,000.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company's stock valued at $48,000 after buying an additional 2,100 shares during the last quarter. Envestnet Asset Management Inc. acquired a new position in shares of Forte Biosciences in the second quarter valued at approximately $244,000. Finally, Geode Capital Management LLC increased its position in Forte Biosciences by 18.3% during the 4th quarter. Geode Capital Management LLC now owns 16,877 shares of the company's stock worth $383,000 after buying an additional 2,607 shares during the period. 77.63% of the stock is owned by institutional investors and hedge funds.

About Forte Biosciences

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.

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