Forte Biosciences (NASDAQ:FBRX) Raised to “Hold” at Wall Street Zen

Forte Biosciences (NASDAQ:FBRX) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday.

Separately, Chardan Capital reaffirmed a “buy” rating and issued a $61.00 price objective on shares of Forte Biosciences in a research note on Friday.

Forte Biosciences Stock Up 6.9%

FBRX opened at $11.57 on Friday. Forte Biosciences has a twelve month low of $4.11 and a twelve month high of $28.68. The company has a fifty day moving average of $11.48 and a 200-day moving average of $9.42. The stock has a market cap of $76.13 million, a PE ratio of -0.71 and a beta of 2.91.

Forte Biosciences (NASDAQ:FBRX) last issued its earnings results on Thursday, August 14th. The company reported ($0.96) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.21) by $0.25. Sell-side analysts anticipate that Forte Biosciences will post -12.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Orbimed Advisors LLC lifted its position in shares of Forte Biosciences by 101.8% during 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 in the last quarter. Fred Alger Management LLC increased its holdings in Forte Biosciences by 1,271.2% during the fourth quarter. Fred Alger Management LLC now owns 1,133,944 shares of the company’s stock worth $25,752,000 after buying an additional 1,051,246 shares during the last quarter. Federated Hermes Inc. purchased a new stake in Forte Biosciences during the second quarter worth about $13,864,000. Tybourne Capital Management HK Ltd. increased its holdings in Forte Biosciences by 26.9% during the second quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock worth $10,171,000 after buying an additional 166,666 shares during the last quarter. Finally, BVF Inc. IL increased its holdings in Forte Biosciences by 398.2% during the fourth quarter. BVF Inc. IL now owns 594,282 shares of the company’s stock worth $13,496,000 after buying an additional 475,000 shares during the last quarter. 77.63% of the stock is owned by institutional investors.

Forte Biosciences Company Profile

Forte Biosciences, Inc operates as a biopharmaceutical company in the United States. The company is developing FB-102 program that addresses various autoimmune diseases, such as graft-versus-host disease, and vitiligo and alopecia areata. Forte Biosciences, Inc is headquartered in Dallas, Texas.