Forte Biosciences (NASDAQ:FBRX) Upgraded by Wall Street Zen to "Hold" Rating

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.

Wall Street Zen upgraded shares of Forte Biosciences (NASDAQ:FBRX - Free Report) from a sell rating to a hold rating in a research note published on Saturday.

Separately, Chardan Capital reaffirmed a "buy" rating and issued a $61.00 price objective on shares of Forte Biosciences in a research report on Friday, August 15th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $68.00.

Forte Biosciences Stock Up 0.1%

FBRX traded up $0.01 during trading on Friday, hitting $11.76. The company had a trading volume of 35,357 shares, compared to its average volume of 60,085. The company has a market capitalization of $77.38 million, a PE ratio of -0.72 and a beta of 2.91. Forte Biosciences has a one year low of $4.11 and a one year high of $28.68. The firm's 50-day moving average price is $11.45 and its 200 day moving average price is $9.34.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. bought a new position in shares of Forte Biosciences in the 2nd quarter valued at about $13,864,000. Fred Alger Management LLC grew its position in shares of Forte Biosciences by 1,271.2% in the 4th quarter. Fred Alger Management LLC now owns 1,133,944 shares of the company's stock valued at $25,752,000 after acquiring an additional 1,051,246 shares during the period. Orbimed Advisors LLC grew its position in shares of Forte Biosciences by 101.8% in the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company's stock valued at $15,477,000 after acquiring an additional 603,867 shares during the period. Tybourne Capital Management HK Ltd. grew its position in shares of Forte Biosciences by 327.6% in the 4th 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 period. Finally, BVF Inc. IL grew its position in shares of Forte Biosciences by 398.2% in the 4th quarter. BVF Inc. IL now owns 594,282 shares of the company's stock valued at $13,496,000 after acquiring an additional 475,000 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.