Forte Biosciences (NASDAQ:FBRX) Stock Rating Reaffirmed by Chardan Capital

Chardan Capital restated their buy rating on shares of Forte Biosciences (NASDAQ:FBRX) in a research note released on Monday morning, Benzinga reports. The brokerage currently has a $3.00 target price on the stock. Chardan Capital also issued estimates for Forte Biosciences’ FY2024 earnings at ($0.87) EPS and FY2025 earnings at ($0.61) EPS.

Separately, Brookline Capital Management began coverage on shares of Forte Biosciences in a report on Thursday, May 30th. They set a buy rating and a $4.00 target price on the stock.

Forte Biosciences Trading Down 2.8 %

Shares of FBRX stock opened at $0.32 on Monday. The firm’s fifty day moving average price is $0.50 and its two-hundred day moving average price is $0.61. Forte Biosciences has a 1 year low of $0.28 and a 1 year high of $0.91. The firm has a market capitalization of $11.72 million, a P/E ratio of -0.37 and a beta of 0.09.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.11). As a group, equities research analysts forecast that Forte Biosciences will post -0.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Forte Biosciences

An institutional investor recently bought a new position in Forte Biosciences stock. Cable Car Capital LLC bought a new position in shares of Forte Biosciences, Inc. (NASDAQ:FBRX) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,031,987 shares of the company’s stock, valued at approximately $1,670,000. Forte Biosciences comprises approximately 1.9% of Cable Car Capital LLC’s holdings, making the stock its 18th biggest holding. Cable Car Capital LLC owned about 5.59% of Forte Biosciences as of its most recent SEC filing. 77.63% of the stock is owned by hedge funds and other institutional investors.

About Forte Biosciences

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.