Forte Biosciences (NASDAQ:FBRX) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Forte Biosciences (NASDAQ:FBRX) from a sell rating to a hold rating in a research report released on Monday, Zacks.com reports.

According to Zacks, “Forte Biosciences Inc. is a clinical stage, dermatology company. It engages in developing biotherapeutic, FB-401, for the treatment of inflammatory skin diseases which is in clinical stage. Forte Biosciences Inc., formerly known as Tocagen Inc., is based in Sherman Oaks, California. “

Several other equities analysts have also commented on FBRX. BidaskClub lowered Forte Biosciences from a hold rating to a sell rating in a report on Thursday, January 7th. Chardan Capital increased their price objective on Forte Biosciences from $110.00 to $115.00 in a research note on Wednesday, November 11th. Finally, ValuEngine downgraded shares of Forte Biosciences from a strong-buy rating to a buy rating in a research note on Tuesday, September 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $86.25.

Shares of NASDAQ FBRX opened at $36.56 on Monday. Forte Biosciences has a 1 year low of $6.45 and a 1 year high of $53.99. The stock’s 50-day simple moving average is $36.76 and its 200-day simple moving average is $31.89. The firm has a market cap of $469.10 million, a price-to-earnings ratio of -1.59 and a beta of 0.23.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings data on Saturday, November 14th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.13). On average, research analysts expect that Forte Biosciences will post -7.78 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the company. DAVENPORT & Co LLC bought a new stake in shares of Forte Biosciences in the 3rd quarter valued at approximately $1,300,000. California Public Employees Retirement System bought a new position in Forte Biosciences during the third quarter worth about $893,000. BlackRock Inc. grew its position in shares of Forte Biosciences by 112.7% in the 3rd quarter. BlackRock Inc. now owns 105,164 shares of the company’s stock valued at $5,102,000 after purchasing an additional 55,723 shares during the period. State Street Corp bought a new stake in shares of Forte Biosciences in the third quarter worth $201,000. Finally, JPMorgan Chase & Co. acquired a new stake in Forte Biosciences in the 3rd quarter valued at $47,000. Institutional investors and hedge funds own 23.25% of the company’s stock.

Forte Biosciences Company Profile

Forte Biosciences Inc operates as a clinical-stage dermatology company in the United States. It is developing a live biotherapeutic FB-401 that has completed Phase 1/2a clinical trial to treat inflammatory skin diseases for pediatric atopic dermatitis patients. The company is based in Torrance, California.

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