Forte Biosciences (NASDAQ:FBRX) Rating Lowered to Strong Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Forte Biosciences from “sell” to “strong sell”, even though the broader analyst consensus still remains Moderate Buy with an average price target of $67.
• The company reported a quarterly loss of $1.45 per share, slightly worse than the expected loss of $1.42, and analysts now expect -4.63 EPS for the full year.
• Forte Biosciences is a clinical-stage biotech focused on skin health, with its lead candidate FB-401 aimed at treating atopic dermatitis by rebalancing the skin microbiome.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report issued on Sunday.

Separately, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Forte Biosciences in a research note on Friday, March 27th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $67.00.

Forte Biosciences Stock Performance

NASDAQ:FBRX opened at $24.02 on Friday. The stock has a market cap of $333.64 million, a price-to-earnings ratio of -5.04 and a beta of 3.01. The business's 50-day simple moving average is $28.23 and its 200 day simple moving average is $25.07. Forte Biosciences has a one year low of $6.20 and a one year high of $35.80.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last announced its earnings results on Tuesday, March 31st. The company reported ($1.45) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.42) by ($0.03). On average, equities research analysts predict that Forte Biosciences will post -4.63 EPS for the current year.

Institutional Investors Weigh In On Forte Biosciences

A number of institutional investors have recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new position in Forte Biosciences during the 4th quarter valued at about $27,000. Bank of America Corp DE lifted its position in shares of Forte Biosciences by 5,641.8% in the third quarter. Bank of America Corp DE now owns 3,158 shares of the company's stock worth $47,000 after purchasing an additional 3,103 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Forte Biosciences during the fourth quarter worth approximately $228,000. Persistent Asset Partners Ltd purchased a new position in Forte Biosciences during the fourth quarter valued at approximately $277,000. Finally, Alps Advisors Inc. purchased a new position in Forte Biosciences during the fourth quarter valued at approximately $281,000. 77.63% of the stock is currently owned by institutional investors and hedge funds.

About Forte Biosciences

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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