Chardan Capital Reaffirms “Buy” Rating for Forte Biosciences (NASDAQ:FBRX)

Chardan Capital reaffirmed their buy rating on shares of Forte Biosciences (NASDAQ:FBRX) in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a $64.00 target price on the stock.

Forte Biosciences Trading Up 14.1 %

Shares of Forte Biosciences stock opened at $28.00 on Wednesday. The business has a fifty day simple moving average of $8.45 and a two-hundred day simple moving average of $4.00. The firm has a market capitalization of $40.94 million, a P/E ratio of -1.72 and a beta of 1.11. Forte Biosciences has a 12 month low of $4.11 and a 12 month high of $28.68.

Insiders Place Their Bets

In other Forte Biosciences news, CFO Antony A. Riley bought 22,514 shares of the stock in a transaction dated Thursday, November 21st. The stock was purchased at an average cost of $5.55 per share, for a total transaction of $124,952.70. Following the completion of the acquisition, the chief financial officer now owns 30,776 shares of the company’s stock, valued at approximately $170,806.80. This trade represents a 272.50 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 9.60% of the company’s stock.

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.