Chardan Capital Issues Pessimistic Forecast for Forte Biosciences (NASDAQ:FBRX) Stock Price

Forte Biosciences (NASDAQ:FBRX) had its price target reduced by stock analysts at Chardan Capital from $64.00 to $61.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock.

Separately, TD Cowen initiated coverage on shares of Forte Biosciences in a research note on Tuesday, January 21st. They set a “buy” rating for the company.

Forte Biosciences Price Performance

Shares of FBRX opened at $7.35 on Tuesday. The firm has a market cap of $46.99 million, a P/E ratio of -0.45 and a beta of 2.35. Forte Biosciences has a 1 year low of $4.11 and a 1 year high of $28.68. The company has a 50 day simple moving average of $9.91 and a two-hundred day simple moving average of $11.65.

Institutional Trading of Forte Biosciences

Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in Forte Biosciences by 70,000.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company’s stock worth $48,000 after purchasing an additional 2,100 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Forte Biosciences by 18.3% in the 4th quarter. Geode Capital Management LLC now owns 16,877 shares of the company’s stock worth $383,000 after buying an additional 2,607 shares in the last quarter. Boothbay Fund Management LLC bought a new stake in shares of Forte Biosciences in the 4th quarter worth about $2,026,000. Acuta Capital Partners LLC purchased a new stake in shares of Forte Biosciences during the 4th quarter valued at about $412,000. Finally, BVF Inc. IL lifted its holdings in shares of Forte Biosciences by 398.2% in the 4th quarter. BVF Inc. IL now owns 594,282 shares of the company’s stock valued at $13,496,000 after acquiring an additional 475,000 shares during the last quarter. 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.