Forte Biosciences (NASDAQ:FBRX) Sets New 52-Week High – Should You Buy?

Forte Biosciences, Inc. (NASDAQ:FBRX)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $52.15 and last traded at $47.49, with a volume of 602220 shares traded. The stock had previously closed at $48.86.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FBRX shares. Wall Street Zen upgraded Forte Biosciences from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a research note on Wednesday, July 8th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Forte Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Forte Biosciences Price Performance

The stock has a market capitalization of $659.64 million, a P/E ratio of -10.23 and a beta of 2.85. The company’s 50 day simple moving average is $23.67 and its two-hundred day simple moving average is $27.01.

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

Institutional Investors Weigh In On Forte Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of FBRX. Global Retirement Partners LLC bought a new position in Forte Biosciences in the 4th quarter valued at $27,000. Bank of America Corp DE increased its stake in shares of Forte Biosciences by 5,641.8% in the third quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after buying an additional 3,103 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of Forte Biosciences in the third quarter valued at about $161,000. Jane Street Group LLC bought a new position in shares of Forte Biosciences in the fourth quarter valued at about $228,000. Finally, Citadel Advisors LLC bought a new position in shares of Forte Biosciences in the third quarter valued at about $234,000. 77.63% of the stock is owned by institutional investors and hedge funds.

Forte Biosciences Company Profile

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.