Forte Biosciences, Inc. (NASDAQ:FBRX) Receives $75.00 Average Price Target from Analysts

Forte Biosciences, Inc. (NASDAQ:FBRX) has been assigned an average rating of “Hold” from the ten brokerages that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $75.00.

A number of equities research analysts recently weighed in on the company. Truist Securities cut Forte Biosciences from a “buy” rating to a “hold” rating in a report on Friday, September 3rd. Truist cut Forte Biosciences from a “buy” rating to a “hold” rating in a research note on Friday, September 3rd. B. Riley cut Forte Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday, September 3rd. LADENBURG THALM/SH SH cut Forte Biosciences from a “buy” rating to a “neutral” rating in a research note on Friday, September 3rd. Finally, Chardan Capital cut Forte Biosciences from a “buy” rating to a “sell” rating in a research note on Friday, September 3rd.

Shares of Forte Biosciences stock traded down $0.28 during midday trading on Tuesday, hitting $3.86. 2,481,569 shares of the company were exchanged, compared to its average volume of 726,322. The firm has a market cap of $54.34 million, a P/E ratio of -0.61 and a beta of 0.26. Forte Biosciences has a 52 week low of $3.82 and a 52 week high of $53.99. The firm has a 50 day simple moving average of $25.56 and a 200-day simple moving average of $31.11.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings results on Monday, August 16th. The company reported ($0.43) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.40) by ($0.03). As a group, sell-side analysts anticipate that Forte Biosciences will post -1.46 earnings per share for the current year.

In related news, insider Paul A. Wagner sold 1,000,000 shares of Forte Biosciences stock in a transaction on Tuesday, September 7th. The stock was sold at an average price of $4.35, for a total transaction of $4,350,000.00. Following the completion of the sale, the insider now directly owns 1,279,049 shares of the company’s stock, valued at $5,563,863.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 17.80% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. Parametric Portfolio Associates LLC bought a new position in Forte Biosciences during the second quarter worth about $674,000. Endurant Capital Management LP lifted its holdings in shares of Forte Biosciences by 93.4% in the second quarter. Endurant Capital Management LP now owns 53,369 shares of the company’s stock valued at $1,794,000 after purchasing an additional 25,778 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Forte Biosciences by 323.6% in the second quarter. Marshall Wace LLP now owns 26,569 shares of the company’s stock valued at $893,000 after purchasing an additional 20,297 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Forte Biosciences by 227.9% in the second quarter. Morgan Stanley now owns 35,018 shares of the company’s stock valued at $1,177,000 after purchasing an additional 24,340 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Forte Biosciences by 27,757.6% in the second quarter. Wells Fargo & Company MN now owns 18,386 shares of the company’s stock valued at $619,000 after purchasing an additional 18,320 shares in the last quarter. Hedge funds and other institutional investors own 61.24% of the company’s stock.

Forte Biosciences Company Profile

Forte Biosciences, Inc is a clinical stage biopharmaceutical company focused on dermatology. The firm’s lead product includes FB-401, which is a live biotherapeutic for the treatment of inflammatory skin disease, including pediatric and adult patients with atopic dermatitis. The company was founded by Paul A.

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Analyst Recommendations for Forte Biosciences (NASDAQ:FBRX)

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