In a report released today, Michael Higgins from Ladenburg Thalmann & Co. upgraded Forte Biosciences (FBRX – Research Report) to a Buy, with a price target of $2.75.
Michael Higgins has given his Buy rating due to a combination of factors surrounding the promising potential of Forte Biosciences’s lead product, FB-102, and the significant market need for new treatments in autoimmune diseases. Forte Biosciences is actively developing FB-102, a novel CD122 antagonist, which has shown impressive preclinical results, particularly in the treatment of graft vs. host disease (GVHD). The company’s focus is on addressing the high unmet needs in GVHD, vitiligo, and alopecia areata, which are substantial and established markets. Higgins is particularly impressed by FB-102’s performance in preclinical studies, which suggest it could offer superior efficacy compared to existing FDA-approved treatments for GVHD.
Furthermore, Higgins believes that Forte Biosciences’s stock (FBRX) is undervalued when considering the potential market impact of FB-102 and the financial position of the company. The leadership, including CEO Paul Wagner, Ph.D., CFA, and a board with a strong track record in drug development, alongside a successful $25M private placement, positions Forte Biosciences well to fund its operations into the next phase of clinical trials. The current valuation of FBRX, according to Higgins, is significantly lower than comparable companies at similar stages of development, indicating a promising investment opportunity, which justifies the Buy recommendation and the $2.75 price target.
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Forte Biosciences (FBRX) Company Description:
Tocagen, Inc. is a clinical-stage, cancer-selective gene therapy company, which engages in the development of product candidates designed to activate a patient’s immune system against their own cancer. It is in the business of discovery, development, and commercialization of products for the treatment of cancer. The company was founded by Thomas E. Darcy, Harry E. Gruber, Douglas J. Jolly, and Dennis N. Berman in August 2007 and is headquartered San Diego, CA.
Read More on FBRX:
