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", adding to mixed analyst sentiment on the stock.
• Other firms remain more optimistic: Barclays initiated coverage with an "overweight" rating and a $74 price target, while MarketBeat data shows a Moderate Buy consensus with a $68.75 target.
• The company’s latest earnings missed expectations, reporting ($1.24) EPS versus an estimated ($1.16), and analysts expect a full-year loss of $4.27 per share.

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

Several other research analysts have also weighed in on the company. Barclays began coverage on Forte Biosciences in a research report on Tuesday. They set an "overweight" rating and a $74.00 price target on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Forte Biosciences in a report on Wednesday, July 8th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $68.75.

Forte Biosciences Price Performance

Shares of NASDAQ:FBRX opened at $54.78 on Friday. The company's 50-day moving average price is $26.19 and its two-hundred day moving average price is $27.83. Forte Biosciences has a one year low of $9.10 and a one year high of $62.46. The stock has a market capitalization of $760.89 million, a PE ratio of -11.81 and a beta of 2.85.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last released its earnings results on Monday, May 11th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.16) by ($0.08). On average, analysts anticipate that Forte Biosciences will post -4.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Global Retirement Partners LLC bought a new stake in Forte Biosciences in the 4th quarter valued at $27,000. Bank of America Corp DE increased its holdings 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 valued at $47,000 after purchasing an additional 3,103 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Forte Biosciences in the fourth quarter valued at about $228,000. Persistent Asset Partners Ltd bought a new position in shares of Forte Biosciences in the fourth quarter valued at about $277,000. Finally, Alps Advisors Inc. acquired a new stake in shares of Forte Biosciences during the 4th quarter worth about $281,000. 77.63% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.