Citi Starts Forte Biosciences Inc. (FBRX) at Buy

March 26, 2021 5:20 AM EDT
Get Alerts FBRX Hot Sheet
Price: $34.62 +4.28%

Rating Summary:
    5 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 20 | Down: 24 | New: 32
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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)."

For an analyst ratings summary and ratings history on Forte Biosciences Inc. click here. For more ratings news on Forte Biosciences Inc. click here.

Shares of Forte Biosciences Inc. closed at $29.57 yesterday.

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