Forte Biosciences (NASDAQ:FBRX) Trading 7.8% Higher – Still a Buy?

Forte Biosciences, Inc. (NASDAQ:FBRX) shot up 7.8% during mid-day trading on Friday . The stock traded as high as $47.94 and last traded at $48.5190. Approximately 268,175 shares were traded during trading, a decline of 25% from the average daily volume of 358,363 shares. The stock had previously closed at $44.99.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a research report on Wednesday, July 8th. Wall Street Zen raised shares of Forte Biosciences from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

Forte Biosciences Price Performance

The firm has a market capitalization of $688.15 million, a P/E ratio of -10.75 and a beta of 2.85. The stock’s 50-day simple moving average is $22.74 and its two-hundred day simple moving average is $26.70.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings data on Monday, May 11th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.08). On average, analysts forecast that Forte Biosciences, Inc. will post -4.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Forte Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. Candriam S.C.A. bought a new position in shares of Forte Biosciences in the first quarter worth about $2,196,000. 683 Capital Management LLC bought a new stake in Forte Biosciences during the 4th quarter valued at approximately $1,091,000. Geode Capital Management LLC lifted 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 in the last quarter. OMERS ADMINISTRATION Corp purchased a new position in Forte Biosciences in the 4th quarter worth approximately $425,000. Finally, Trexquant Investment LP bought a new position in Forte Biosciences in the 4th quarter worth approximately $352,000. 77.63% of the stock is owned by institutional investors.

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.