Forte Biosciences (NASDAQ:FBRX) Releases Earnings Results, Misses Estimates By $0.03 EPS

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

Forte Biosciences Stock Performance

FBRX stock traded down $0.42 during mid-day trading on Tuesday, hitting $25.90. The company had a trading volume of 267,225 shares, compared to its average volume of 224,809. The firm has a market cap of $324.53 million, a PE ratio of -7.80 and a beta of 3.24. Forte Biosciences has a 12 month low of $4.90 and a 12 month high of $35.62. The stock’s fifty day moving average price is $29.10 and its two-hundred day moving average price is $22.42.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Forte Biosciences

Several large investors have recently modified their holdings of FBRX. Quadrature Capital Ltd bought a new stake in shares of Forte Biosciences in the 4th quarter worth approximately $479,000. Millennium Management LLC grew its holdings in Forte Biosciences by 105.9% during the fourth quarter. Millennium Management LLC now owns 246,685 shares of the company’s stock valued at $6,727,000 after purchasing an additional 126,873 shares during the period. Janus Henderson Group PLC grew its holdings in Forte Biosciences by 1.6% during the fourth quarter. Janus Henderson Group PLC now owns 1,425,785 shares of the company’s stock valued at $39,159,000 after purchasing an additional 21,943 shares during the period. J. Goldman & Co LP purchased a new stake in Forte Biosciences in the fourth quarter worth $1,658,000. Finally, Jain Global LLC purchased a new stake in Forte Biosciences in the fourth quarter worth $5,520,000. Hedge funds and other institutional investors own 77.63% of the company’s stock.

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.