Why Forte Biosciences's Stock Is Trading Higher Today

Forte Biosciences FBRX shares are trading higher on Friday after getting two upgrades.

Chardan Capital upgraded the stock from Neutral to Buy and announced a price target of $45 per share. In addition, Brookline Capital initiates coverage with a Buy rating and $90 price target.

Forte Biosciences is a clinical-stage biopharmaceutical company, focused on dermatology. The company is developing a live biotherapeutic, FB-401, for the treatment of inflammatory skin diseases. FB-401 has completed Phase 1/2 a testing in adult and pediatric patients with atopic dermatitis. It plans to advance FB-401 into a randomized Phase 2 clinical trial in mid-2020.

Forte Biosciences's stock traded up 8.88% at $29.06 per share at the time of publication on Friday. The stock has a 52-week high of $66.75 and a 52-week low of $6.33.