Forte Biosciences (NASDAQ:FBRX) Announces Quarterly Earnings Results

Forte Biosciences (NASDAQ:FBRX) announced its quarterly earnings results on Tuesday. The company reported ($1.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.42) by ($0.03), FiscalAI reports.

Forte Biosciences Price Performance

Forte Biosciences stock traded down $0.42 during mid-day trading on Tuesday, reaching $25.90. 267,225 shares of the stock traded hands, compared to its average volume of 224,809. Forte Biosciences has a 12-month low of $4.90 and a 12-month high of $35.62. The business’s 50-day moving average is $29.10 and its 200-day moving average is $22.42. The stock has a market capitalization of $324.53 million, a PE ratio of -7.80 and a beta of 3.24.

Institutional Investors Weigh In On Forte Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada raised its position in Forte Biosciences by 6.5% in the fourth quarter. Royal Bank of Canada now owns 11,986 shares of the company’s stock worth $327,000 after acquiring an additional 733 shares during the period. Global Retirement Partners LLC purchased a new stake in shares of Forte Biosciences in the 4th quarter worth $27,000. Bank of America Corp DE increased its stake in shares of Forte Biosciences by 5,641.8% in the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock worth $47,000 after purchasing an additional 3,103 shares in the last quarter. Geode Capital Management LLC raised its holdings in Forte Biosciences by 6.7% in the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock worth $829,000 after purchasing an additional 4,028 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Forte Biosciences by 23.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company’s stock worth $350,000 after purchasing an additional 4,491 shares during the period. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Forte Biosciences in a research report on Friday. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Forte Biosciences presently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

About Forte Biosciences

Forte Biosciences, Inc is a clinical-stage biotechnology company focused on developing innovative treatments to restore skin health by targeting the underlying biology of the skin barrier and microbiome. Headquartered in San Diego, California, Forte leverages proprietary platforms to discover and advance topical live biotherapeutic products and skin barrier therapies aimed at addressing serious dermatological conditions.

The company’s lead product candidate, FB-401, is a topical live biotherapeutic formulation designed to rebalance the skin microbiome in patients with atopic dermatitis.