Forte Biosciences (NASDAQ:FBRX) Raised to "Hold" at Wall Street Zen

Key Points

• Forte Biosciences has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a shift in analyst sentiment regarding the company's stock.
• Chardan Capital has maintained a "buy" rating for Forte Biosciences, setting a price target of $61.00, suggesting potential growth for investors.
• The company reported quarterly earnings of ($0.96) per share, surpassing analyst expectations and reflecting ongoing financial challenges for the year.

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

Separately, Chardan Capital reissued a "buy" rating and issued a $61.00 price target on shares of Forte Biosciences in a report on Friday.

Forte Biosciences Price Performance

Shares of Forte Biosciences stock opened at $11.57 on Friday. The firm has a market cap of $76.13 million, a P/E ratio of -0.71 and a beta of 2.91. The firm has a 50 day simple moving average of $11.48 and a 200 day simple moving average of $9.42. 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 issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.96) earnings per share for the quarter, beating analysts' consensus estimates of ($1.21) by $0.25. On average, sell-side analysts expect that Forte Biosciences will post -12.12 EPS for the current year.

Hedge Funds Weigh In On Forte Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Woodline Partners LP bought a new position in Forte Biosciences in the fourth quarter valued at approximately $4,639,000. JPMorgan Chase & Co. boosted its stake in Forte Biosciences by 70,000.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company's stock valued at $48,000 after acquiring an additional 2,100 shares during the last quarter. Geode Capital Management LLC boosted its stake in Forte Biosciences by 18.3% in the fourth quarter. Geode Capital Management LLC now owns 16,877 shares of the company's stock valued at $383,000 after acquiring an additional 2,607 shares during the last quarter. Tybourne Capital Management HK Ltd. boosted its stake in Forte Biosciences by 327.6% in the fourth quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company's stock valued at $14,080,000 after acquiring an additional 475,000 shares during the last quarter. Finally, Garde Capital Inc. bought a new position in Forte Biosciences in the first quarter valued at approximately $31,000. 77.63% of the stock is owned by institutional investors.

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.

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.