Forte Biosciences (NASDAQ:FBRX) Receives "Buy" Rating from 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.

Chardan Capital reaffirmed their buy rating on shares of Forte Biosciences (NASDAQ:FBRX - Free Report) in a research report released on Friday morning,Benzinga reports. They currently have a $61.00 target price on the stock.

Separately, Wall Street Zen lowered Forte Biosciences from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $68.00.

Forte Biosciences Stock Performance

NASDAQ:FBRX traded up $0.33 during mid-day trading on Friday, hitting $12.08. 6,228 shares of the stock were exchanged, compared to its average volume of 62,408. The firm's 50-day simple moving average is $11.47 and its 200 day simple moving average is $9.32. The stock has a market capitalization of $79.52 million, a price-to-earnings ratio of -0.74 and a beta of 2.91. Forte Biosciences has a fifty-two week low of $4.11 and a fifty-two week high of $28.68.

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

Institutional Investors Weigh In On Forte Biosciences

A number of hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in Forte Biosciences by 70,000.0% during the 4th quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company's stock worth $48,000 after purchasing an additional 2,100 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Forte Biosciences by 18.3% during the fourth 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 in the last quarter. Garde Capital Inc. bought a new position in shares of Forte Biosciences in the 1st quarter valued at $31,000. AlphaQuest LLC acquired a new stake in shares of Forte Biosciences during the 1st quarter valued at $33,000. Finally, Acuta Capital Partners LLC bought a new stake in Forte Biosciences during the 4th quarter worth $412,000. 77.63% of the stock is currently owned by institutional investors and hedge funds.

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.