Forte Biosciences, Inc. (NASDAQ:FBRX) Receives $67.00 Consensus Target Price from Brokerages

Shares of Forte Biosciences, Inc. (NASDAQ:FBRX) have received a consensus rating of “Moderate Buy” from the five research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $67.00.

A number of research analysts have weighed in on FBRX shares. Chardan Capital reaffirmed a “buy” rating and issued a $61.00 price objective on shares of Forte Biosciences in a research note on Monday, November 17th. Weiss Ratings restated a “sell (e+)” rating on shares of Forte Biosciences in a report on Monday, December 29th. Evercore ISI initiated coverage on shares of Forte Biosciences in a research report on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 price target on the stock. Finally, Wall Street Zen downgraded Forte Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th.

Institutional Investors Weigh In On Forte Biosciences

Institutional investors have recently bought and sold shares of the stock. Fred Alger Management LLC raised its position in Forte Biosciences by 1.1% in the 3rd quarter. Fred Alger Management LLC now owns 1,636,030 shares of the company’s stock valued at $24,540,000 after buying an additional 17,381 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of Forte Biosciences by 52.5% in the 3rd quarter. Federated Hermes Inc. now owns 1,635,380 shares of the company’s stock worth $24,531,000 after acquiring an additional 563,147 shares in the last quarter. Orbimed Advisors LLC raised its holdings in shares of Forte Biosciences by 101.8% in the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after purchasing an additional 603,867 shares during the last quarter. Tybourne Capital Management HK Ltd. raised its holdings in shares of Forte Biosciences by 26.9% in the second quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock valued at $10,171,000 after purchasing an additional 166,666 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Forte Biosciences by 16.4% during the third quarter. Vanguard Group Inc. now owns 566,741 shares of the company’s stock valued at $8,501,000 after purchasing an additional 79,822 shares in the last quarter. Institutional investors own 77.63% of the company’s stock.

Forte Biosciences Stock Up 2.1%

NASDAQ FBRX opened at $33.39 on Wednesday. The company has a market cap of $418.38 million, a price-to-earnings ratio of -10.06 and a beta of 3.22. Forte Biosciences has a 52 week low of $4.90 and a 52 week high of $34.19. The business has a 50 day moving average price of $22.68 and a 200-day moving average price of $15.71.

Forte Biosciences (NASDAQ:FBRX) last issued its earnings results on Friday, November 14th. The company reported ($0.99) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.05. On average, equities research analysts anticipate that Forte Biosciences will post -12.12 earnings per share for the current year.

About Forte Biosciences

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.