Forte Biosciences (NASDAQ:FBRX) Earns Buy Rating from Analysts at Guggenheim

Key Points

• Guggenheim has upgraded Forte Biosciences (NASDAQ:FBRX) to a "strong-buy" rating, reflecting confidence in the company's future performance.
• Other research firms have also shown optimism, with Chardan Capital reaffirming a "buy" rating and a target price of $61.00, while the stock has a consensus target price of $68.00.
• The company's stock is trading significantly above its 52-week low of $4.11, with a current price around $11.49 and a market capitalization of approximately $75.64 million.

Guggenheim initiated coverage on shares of Forte Biosciences (NASDAQ:FBRX - Free Report) in a research report released on Monday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $75.00 target price on the stock.

FBRX has been the topic of several other reports. Wall Street Zen raised shares of Forte Biosciences from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Chardan Capital reissued a "buy" rating and set a $61.00 price target on shares of Forte Biosciences in a research note on Friday, August 15th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat, Forte Biosciences presently has an average rating of "Buy" and an average price target of $68.00.

Forte Biosciences Stock Performance

Forte Biosciences stock traded up $0.32 during trading hours on Monday, hitting $11.43. 58,277 shares of the stock were exchanged, compared to its average volume of 58,866. The stock has a market capitalization of $142.07 million, a P/E ratio of -0.70 and a beta of 2.91. Forte Biosciences has a 12 month low of $4.11 and a 12 month high of $28.68. The business's 50-day moving average is $11.41 and its two-hundred day moving average is $9.25.

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

Hedge Funds Weigh In On Forte Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of FBRX. Garde Capital Inc. bought a new position in Forte Biosciences in the first quarter valued at approximately $31,000. AlphaQuest LLC bought a new position in Forte Biosciences in the first quarter valued at approximately $33,000. 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. Envestnet Asset Management Inc. bought a new position in Forte Biosciences in the second quarter valued at approximately $244,000. Finally, 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. 77.63% of the stock is owned by institutional investors.

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.