By Stephen Nakrosis
Shares of Forte Biosciences Inc. are trading higher on the Nasdaq Tuesday after Truist initiated coverage of the company's stock with a "buy" recommendation and set a price target of $70 per share.
At 11:32 a.m. EDT, Forte shares had gained 13.28% to trade at $27.98. Volume topped 113,000 shares, above the stock's 65-day average volume of 52,209 shares.
In a report Tuesday, Truist said Forte is developing a treatment for inflammatory skin diseases, FB-401, which will be "initially focused on pediatric atropic dermatitis patients, who have a high unmet need for safe/efficacious treatments."
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