Forte Biosciences (NASDAQ:FBRX) Upgraded at Barclays

Forte Biosciences (NASDAQ:FBRX) was upgraded by investment analysts at Barclays to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Several other equities research analysts also recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a report on Wednesday, July 8th. Wall Street Zen upgraded Forte Biosciences from a “strong sell” rating to a “sell” rating in a report on Sunday, July 12th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.75.

Forte Biosciences Stock Performance

NASDAQ:FBRX opened at $50.73 on Tuesday. The stock has a market capitalization of $704.44 million, a P/E ratio of -10.93 and a beta of 2.85. The company has a 50 day moving average price of $24.20 and a 200 day moving average price of $27.18. Forte Biosciences has a fifty-two week low of $9.10 and a fifty-two week high of $52.67.

Forte Biosciences (NASDAQ:FBRX) last posted its earnings results on Monday, May 11th. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.08). Research analysts forecast that Forte Biosciences will post -4.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Forte Biosciences

Several institutional investors have recently modified their holdings of the business. Federated Hermes Inc. raised its stake in shares of Forte Biosciences by 8.0% in the fourth quarter. Federated Hermes Inc. now owns 1,765,516 shares of the company’s stock valued at $48,146,000 after acquiring an additional 130,136 shares in the last quarter. Janus Henderson Group PLC grew its stake in Forte Biosciences by 1.6% during the 4th quarter. Janus Henderson Group PLC now owns 1,425,785 shares of the company’s stock worth $39,159,000 after purchasing an additional 21,943 shares in the last quarter. Orbimed Advisors LLC grew its stake in Forte Biosciences by 101.8% during the 2nd 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. Vanguard Group Inc. increased its holdings in Forte Biosciences by 16.4% during the 3rd quarter. Vanguard Group Inc. now owns 566,741 shares of the company’s stock worth $8,501,000 after purchasing an additional 79,822 shares during the period. Finally, Cable Car Capital LP increased its holdings in Forte Biosciences by 127.7% during the 2nd 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 during the period. Institutional investors and hedge funds own 77.63% of the company’s stock.

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.