FBRX - Citi initiates Forte Biosciences with a buy sees 159% upside

Citi analyst Mohit Bansal has initiated Forte Biosciences (FBRX) with a buy rating and a $75 price target.Given yesterday's closing price of $28.92, that represents an upside of ~159%.Bansal's rating is based on the company's lead asset, FB-401, which he believes can become the standard of care for mild adult and pediatric atopic dermatitis.Data from a phase 1/2 trial showed around ~90% of patients responding to the therapy.Bansal thinks that FB-401 could capture ~4% of the 16M mild-to-moderate atopic dermatitis patients in the U.S.He adds that a successful phase 2 trial could make Forte a M&A target.Forte shares are up 3.6% to $29.96 in morning trading.

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Citi initiates Forte Biosciences with a buy, sees 159% upside