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

Forte Biosciences (NASDAQ:FBRX) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Several other equities research analysts have also weighed in on FBRX. Weiss Ratings restated a “sell (d-)” rating on shares of Forte Biosciences in a report on Wednesday, October 8th. Chardan Capital reissued a “buy” rating and issued a $61.00 price target on shares of Forte Biosciences in a research report on Friday, August 15th. Finally, Guggenheim initiated coverage on shares of Forte Biosciences in a report on Monday, August 18th. They set a “buy” rating and a $75.00 price objective for the company. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $68.00.

Forte Biosciences Trading Up 1.0%

Shares of NASDAQ:FBRX opened at $12.08 on Friday. The stock has a market capitalization of $150.15 million, a PE ratio of -0.74 and a beta of 3.03. Forte Biosciences has a 1 year low of $4.11 and a 1 year high of $28.68. The firm has a fifty day moving average price of $12.52 and a 200 day moving average price of $10.46.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.96) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.21) by $0.25. On average, sell-side analysts forecast that Forte Biosciences will post -12.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Forte Biosciences

Several hedge funds have recently modified their holdings of FBRX. Garde Capital Inc. acquired a new stake in shares of Forte Biosciences in the first quarter worth $31,000. AlphaQuest LLC bought a new stake in Forte Biosciences in the 1st quarter valued at $33,000. Envestnet Asset Management Inc. acquired a new stake in Forte Biosciences in the 2nd quarter worth $244,000. Mink Brook Asset Management LLC bought a new position in shares of Forte Biosciences during the 2nd quarter worth about $503,000. Finally, Geode Capital Management LLC increased its holdings in shares of Forte Biosciences by 6.7% during the 2nd 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 during the period. 77.63% of the stock is owned by institutional investors.

Forte Biosciences Company Profile

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.