Wall Street Zen Upgrades Forte Biosciences (NASDAQ:FBRX) to "Sell"

Key Points

• Wall Street Zen upgraded Forte from a "strong sell" to a "sell" and Weiss Ratings reiterated a "sell (e+)", even though the analyst consensus on MarketBeat remains a "Moderate Buy" with an average price target of $67.00.
• Shares opened at $28.19 (1-year range $6.13–$35.80) with a market cap of about $391.6M, and the company reported a quarterly EPS loss of ($1.45) versus ($1.42) expected; sell-side analysts forecast -4.63 EPS for the year.
• Institutions own 77.63% of the stock, and several hedge funds — notably Orbimed, Cable Car Capital and Adage — significantly increased or initiated positions in the second quarter.

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

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

Forte Biosciences Price Performance

Shares of FBRX opened at $28.19 on Friday. Forte Biosciences has a 1 year low of $6.13 and a 1 year high of $35.80. The company has a market capitalization of $391.56 million, a price-to-earnings ratio of -5.91 and a beta of 3.01. The business has a 50-day moving average of $28.35 and a 200-day moving average of $24.63.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last issued its quarterly earnings data 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). As a group, sell-side analysts anticipate that Forte Biosciences will post -4.63 EPS for the current year.

Institutional Investors Weigh In On Forte Biosciences

A number of hedge funds have recently added to or reduced their stakes in FBRX. Geode Capital Management LLC increased its holdings in Forte Biosciences by 6.7% in the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company's stock worth $829,000 after purchasing an additional 4,028 shares in the last quarter. Orbimed Advisors LLC increased its holdings in Forte Biosciences by 101.8% in the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company's stock worth $15,477,000 after purchasing an additional 603,867 shares in the last quarter. Cable Car Capital LP increased its holdings in Forte Biosciences by 127.7% in the second quarter. Cable Car Capital LP now owns 500,000 shares of the company's stock worth $6,465,000 after purchasing an additional 280,396 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in Forte Biosciences in the second quarter worth approximately $4,310,000. Finally, Mink Brook Asset Management LLC bought a new stake in Forte Biosciences in the second quarter worth approximately $503,000. 77.63% of the stock is currently owned by institutional investors.

Forte Biosciences Company Profile

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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