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." 



  Write to Stephen Nakrosis at stephen.nakrosis@wsj.com