Forte Biosciences (NASDAQ:FBRX) Rating Lowered to “Hold” at Evercore

Forte Biosciences (NASDAQ:FBRX) was downgraded by equities researchers at Evercore from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the stock. Brookline Capital Markets cut shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday. Wall Street Zen downgraded shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a research note on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Forte Biosciences in a research report on Wednesday, July 8th. TD Cowen cut Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday. Finally, Barclays downgraded Forte Biosciences from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $74.00 to $77.00 in a report on Tuesday. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $72.50.

Forte Biosciences Price Performance

FBRX stock opened at $76.65 on Monday. The firm has a 50 day simple moving average of $28.43 and a two-hundred day simple moving average of $28.59. The stock has a market cap of $1.06 billion, a PE ratio of -16.52 and a beta of 2.85. Forte Biosciences has a one year low of $9.10 and a one year high of $76.68.

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 expect that Forte Biosciences will post -4.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Forte Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC purchased a new stake in Forte Biosciences during the 4th quarter valued at $27,000. Bank of America Corp DE raised its stake in shares of Forte Biosciences by 5,641.8% during the third quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after acquiring an additional 3,103 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of Forte Biosciences during the third quarter worth about $161,000. Jane Street Group LLC purchased a new stake in shares of Forte Biosciences during the fourth quarter worth about $228,000. Finally, Citadel Advisors LLC bought a new stake in shares of Forte Biosciences in the third quarter worth about $234,000. 77.63% of the stock is currently owned by institutional investors.

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.