Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price76.99 USD
Fair value77.00
Ethical score70.0/100
Our investment reviews on this name
2026-08-28Read Accumulation76.86+0.2% to today ✓
2026-07-02Read Markdown17.56+338.4% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Forte Biosciences Inc holds its Accumulation at $76.99. Consolidating, no directional conviction, held for 16 days.
As held on the ledger · 2026-09-17
Phase
Accumulation
Quantitative state
Consolidating, no directional conviction, held for 16 days
Price at the screen
$76.99
Valuation
N/A trailing · -18.89 forward price to earnings
Values screen
FAIL· score 70.0
Beta
2.65
The Workings
Five Screens, Shown in Full
Does not pass. Accounts receivable
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
93.95%
Below 49%
Money owed to the company is 94.0% of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Forte Biosciences's business is fine, but its receivables are about 94% of its assets, well over the ~49% line, so it does not pass on the financial screens.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-17 screen. The gold marker is the market price at the same screen. A 0.0% margin of safety to the base estimate.
Third-party analyst targets: 4 covering, consensus Buy. The average target sits +0% from the screen price.
Reading the gap · Our model and the Street both land near the screened price: fairly valued, with no strong edge either way.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-17 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Clinical stage biotech with no revenue or moat
Picture a lab racing to turn one antibody into a treatment for several autoimmune diseases, yet still years from any sales. Forte Biosciences sits in exactly that spot. The shares trade below our fair value estimate, analysts like the story, and the ethical screen raises no flags, yet the opportunity rating stays at none because the business has no moat, no profits, and negative returns on equity of 188 percent.
Forward earnings sit at a negative 11.8 times while the profit margin remains zero. The lead candidate, FB-102, targets CD122 but has yet to prove itself in large trials. Without recurring revenue or pricing power, any upside rests on binary clinical results rather than steady cash flow.
Risk sits around the usual biotech trap of repeated capital raises and trial setbacks that can wipe out value quickly. Even a clean ethical pass cannot offset the absence of a durable business. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day; as a biotechnology name, trial and regulatory outcomes can move it sharply either way.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
FBRX trades on NASDAQ. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Accumulation$76.99+0.2%Entry 6
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 0.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 24% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 37%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (4 analysts) rates it strong buy, with a mean price target of $64.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 57.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 24% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 37%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (4 analysts) rates it strong buy, with a mean price target of $64.
2026-07-28Markdown$48.86+178.2%Entry 4
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 178.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 24% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 37%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (4 analysts) rates it strong buy, with a mean price target of $64.
2026-07-18Markdown$17.56+0.0%Entry 3
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 24% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 37%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (4 analysts) rates it strong buy, with a mean price target of $64.
2026-07-03Markdown$17.56+0.0%Entry 2
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markdown$17.56Entry 1
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.