Citi Starts Forte Biosciences Inc. (FBRX) at Buy
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Citi analyst Mohit Bansal initiates coverage on Forte Biosciences Inc. (NASDAQ: FBRX) with a Buy rating and a price target of $75.00.
The analyst comments "We are initiating coverage of Forte (FBRX) with a Buy (High-Risk) as we think FB-401, the company’s lead asset is a relatively de-risked asset which can become standard of care among mild adult atopic dermatitis (AD) and pediatric AD. Robust data from FB-401’s Ph 1/2 trial with ~90% pts responding on EASI-50 endpoint de-risks upcoming Ph2 data in 3Q21, which has a significantly lower bar for success. Success would push the company closer to its $2B unadj. opportunity ($1B in base case) and we see the stock trading between $75-$107/sh (+180%-300% from current levels) assuming 50-65% probability upon success. Ph 2 success could also make Forte an M&A target as we see M&A value at $205/sh (+650% from current levels)."
Shares of Forte Biosciences Inc. closed at $29.57 yesterday.
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