Forte Biosciences, Inc. (NASDAQ:FBRX) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Forte Biosciences has a consensus analyst rating of "Moderate Buy", based on coverage from five research firms. Four analysts rate it a buy, while one rates it a sell, and the average price target is $67.
• The stock has seen mixed recent analyst action, including a Barclays overweight initiation alongside sell ratings or downgrades from other firms such as Wall Street Zen and Weiss Ratings.
• FBRX shares were trading down 2.8% at $47.49, near their 12-month high of $52.15. The company also recently reported a quarterly EPS loss of $1.24, which was slightly worse than expectations.

Shares of Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) have earned a consensus rating of "Moderate Buy" from the five research firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $67.00.

FBRX has been the topic of a number of research reports. Wall Street Zen upgraded Forte Biosciences from a "strong sell" rating to a "sell" rating in a research note on Sunday, July 12th. Barclays initiated coverage on shares of Forte Biosciences in a research report on Tuesday. They set an "overweight" rating for the company. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Forte Biosciences in a research note on Wednesday, July 8th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FBRX. Global Retirement Partners LLC purchased a new stake in shares of Forte Biosciences during the fourth quarter worth $27,000. Bank of America Corp DE raised its stake in shares of 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 valued at $47,000 after purchasing an additional 3,103 shares during the period. Dimensional Fund Advisors LP bought a new stake in shares of Forte Biosciences during the 3rd quarter valued at $161,000. Jane Street Group LLC purchased a new stake in Forte Biosciences during the 4th quarter worth about $228,000. Finally, Citadel Advisors LLC purchased a new stake in Forte Biosciences during the 3rd quarter worth about $234,000. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

Forte Biosciences Trading Down 2.8%

Forte Biosciences stock opened at $47.49 on Tuesday. The business's 50 day simple moving average is $23.67 and its 200 day simple moving average is $27.01. Forte Biosciences has a 12 month low of $9.10 and a 12 month high of $52.15. The company has a market cap of $659.64 million, a price-to-earnings ratio of -10.23 and a beta of 2.85.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.08). As a group, equities research analysts forecast that Forte Biosciences will post -4.27 earnings per share for the current fiscal year.

Forte Biosciences Company Profile

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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