Benzinga | Aug 28, 2020 03:19PM EDT

Why Forte Biosciences's Stock Is Trading Higher Today

Forte Biosciences (NASDAQ: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.