Forte Biosciences (NASDAQ:FBRX) Price Target Lowered to $61.00 at Chardan Capital

Forte Biosciences (NASDAQ:FBRX) had its price target lowered by Chardan Capital from $64.00 to $61.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, TD Cowen initiated coverage on shares of Forte Biosciences in a report on Tuesday, January 21st. They issued a “buy” rating on the stock.

Forte Biosciences Trading Down 4.3 %

Shares of FBRX opened at $7.43 on Tuesday. The company has a market cap of $47.50 million, a price-to-earnings ratio of -0.46 and a beta of 2.35. The company’s fifty day simple moving average is $10.08 and its 200 day simple moving average is $11.68. Forte Biosciences has a 1-year low of $4.11 and a 1-year high of $28.68.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its position in Forte Biosciences by 70,000.0% during 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 period. Geode Capital Management LLC lifted its stake in shares of Forte Biosciences by 18.3% during 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 during the last quarter. Acuta Capital Partners LLC bought a new stake in shares of Forte Biosciences during the 4th quarter worth about $412,000. Boothbay Fund Management LLC bought a new stake in shares of Forte Biosciences during the 4th quarter worth about $2,026,000. Finally, Woodline Partners LP acquired a new position in Forte Biosciences in the 4th quarter valued at about $4,639,000. 77.63% of the stock is owned by institutional investors and hedge funds.

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.