Forte Biosciences (NASDAQ:FBRX) Upgraded by Wall Street Zen to “Sell” Rating

Forte Biosciences (NASDAQ:FBRX) was upgraded by investment analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a report released on Sunday.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a research note on Wednesday. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Forte Biosciences currently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Forte Biosciences Stock Performance

Shares of FBRX traded up $7.22 during mid-day trading on Friday, reaching $43.92. The stock had a trading volume of 3,182,874 shares, compared to its average volume of 640,867. The business has a fifty day moving average of $21.35 and a 200 day moving average of $26.25. The firm has a market cap of $610.05 million, a price-to-earnings ratio of -9.47 and a beta of 2.85. Forte Biosciences has a 12 month low of $9.10 and a 12 month high of $45.36.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings data on Monday, May 11th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.08). On average, research analysts forecast that Forte Biosciences will post -4.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Forte Biosciences

A number of institutional investors have recently added to or reduced their stakes in FBRX. Royal Bank of Canada grew its stake in Forte Biosciences by 6.5% during the fourth quarter. Royal Bank of Canada now owns 11,986 shares of the company’s stock valued at $327,000 after acquiring an additional 733 shares in the last quarter. Global Retirement Partners LLC bought a new stake in Forte Biosciences in the 4th quarter valued at $27,000. Bank of America Corp DE lifted its stake in Forte Biosciences by 5,641.8% in the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock worth $47,000 after purchasing an additional 3,103 shares in the last quarter. Geode Capital Management LLC lifted its stake in Forte Biosciences by 6.7% in 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 in the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Forte Biosciences by 23.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company’s stock valued at $350,000 after purchasing an additional 4,491 shares during the last quarter. 77.63% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Forte Biosciences

Here are the key news stories impacting Forte Biosciences this week:

• Positive Sentiment: FB102 delivered statistically significant improvement in vitiligo in a placebo-controlled Phase 1b study, with early signs of benefit and favorable safety data. FB102 Achieves Statistically Significant Improvement in Vitiligo at Week 24 After Completion of 12-Week Treatment Period
• Positive Sentiment: Early-stage results are convincing investors that FB102 could be a broader autoimmune platform, not just a single-indication drug, which raises the longer-term commercial opportunity. Forte Biosciences: FB102 Is Becoming A Platform Story, Not A Single-Indication Bet
• Positive Sentiment: Media reports highlighted a major jump in the share price after the trial update, reflecting heavy speculative demand around the data readout. Forte Biosciences shares surge after positive phase 1b vitiligo results
• Neutral Sentiment: The company’s cash position appears strong enough to fund development for multiple quarters, which supports execution but is not an immediate catalyst on its own. Forte Biosciences: FB102 Is Becoming A Platform Story, Not A Single-Indication Bet

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.