Forte Biosciences (NASDAQ:FBRX) Coverage Initiated 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 report published on Monday, August 18th, Marketbeat Ratings reports. The brokerage issued a buy rating and a $75.00 target price on the stock.

A number of other research analysts have also commented on the company. Wall Street Zen upgraded Forte Biosciences from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Chardan Capital reiterated a "buy" rating and set a $61.00 price target on shares of Forte Biosciences in a report on Friday, August 15th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $68.00.

Forte Biosciences Trading Down 1.6%

Forte Biosciences stock traded down $0.1850 on Monday, reaching $11.2450. 55,351 shares of the stock were exchanged, compared to its average volume of 62,416. The stock has a market cap of $139.78 million, a PE ratio of -0.69 and a beta of 2.91. Forte Biosciences has a twelve month low of $4.11 and a twelve month high of $28.68. The firm has a fifty day moving average price of $11.41 and a two-hundred day moving average price of $9.22.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.96) EPS for the quarter, topping analysts' consensus estimates of ($1.21) by $0.25. Equities analysts anticipate that Forte Biosciences will post -12.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FBRX. Garde Capital Inc. bought a new position in shares of Forte Biosciences during the first quarter valued at $31,000. AlphaQuest LLC acquired a new stake in shares of Forte Biosciences in the first quarter valued at $33,000. JPMorgan Chase & Co. increased its stake in shares of 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 buying an additional 2,100 shares in the last quarter. Envestnet Asset Management Inc. acquired a new stake in shares of Forte Biosciences in the second quarter valued at $244,000. Finally, Geode Capital Management LLC increased its stake in shares of 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 buying an additional 2,607 shares in 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.