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

Key Points

• Forte Biosciences (NASDAQ:FBRX) has been downgraded by Wall Street Zen from a "hold" to a "sell" rating, indicating a shift in analyst sentiment regarding the stock.
• The company's current market capitalization stands at $150.15 million, with a 1-year price fluctuation ranging from a low of $4.11 to a high of $28.68.
• Despite the downgrade, the consensus rating remains a "Moderate Buy" with a target price of $68.00 as per analysts from various research firms.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

FBRX has been the subject of several other research reports. Chardan Capital reiterated a "buy" rating and issued a $61.00 target price on shares of Forte Biosciences in a research note on Friday, August 15th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Forte Biosciences in a research note on Wednesday, October 8th. Finally, Guggenheim assumed coverage on shares of Forte Biosciences in a research note on Monday, August 18th. They issued a "buy" rating and a $75.00 target price for the company. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.00.

Forte Biosciences Price Performance

NASDAQ FBRX opened at $12.08 on Friday. Forte Biosciences has a 1 year low of $4.11 and a 1 year high of $28.68. The firm has a market cap of $150.15 million, a price-to-earnings ratio of -0.74 and a beta of 3.03. The company has a fifty day moving average price of $12.52 and a 200-day moving average price of $10.42.

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

Hedge Funds Weigh In On Forte Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Garde Capital Inc. bought a new position in Forte Biosciences during the first quarter valued at about $31,000. AlphaQuest LLC bought a new position in Forte Biosciences during the first quarter worth about $33,000. Envestnet Asset Management Inc. bought a new position in Forte Biosciences during the second quarter worth about $244,000. Mink Brook Asset Management LLC bought a new position in Forte Biosciences during the second quarter worth about $503,000. Finally, Geode Capital Management LLC boosted its position in Forte Biosciences by 6.7% during the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company's stock worth $829,000 after purchasing an additional 4,028 shares during the period. Institutional investors own 77.63% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.