683 Capital Management LLC Invests $1.09 Million in Forte Biosciences, Inc. $FBRX

683 Capital Management LLC acquired a new stake in Forte Biosciences, Inc. (NASDAQ:FBRX) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 40,000 shares of the company’s stock, valued at approximately $1,091,000.

Other institutional investors also recently modified their holdings of the company. Global Retirement Partners LLC bought a new stake in shares of Forte Biosciences in the 4th quarter valued at $27,000. Bank of America Corp DE lifted 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 valued at $47,000 after purchasing an additional 3,103 shares during the period. Jane Street Group LLC acquired a new position in shares of Forte Biosciences in the 4th quarter valued at about $228,000. Persistent Asset Partners Ltd acquired a new position in shares of Forte Biosciences in the 4th quarter valued at about $277,000. Finally, Alps Advisors Inc. acquired a new position in shares of Forte Biosciences in the 4th quarter valued at about $281,000. 77.63% of the stock is owned by institutional investors.

Forte Biosciences Stock Performance

FBRX stock opened at $17.59 on Thursday. The stock’s 50 day simple moving average is $24.06 and its 200 day simple moving average is $26.20. Forte Biosciences, Inc. has a fifty-two week low of $9.10 and a fifty-two week high of $35.80. The company has a market cap of $244.33 million, a P/E ratio of -3.79 and a beta of 2.87.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings results on Monday, May 11th. The company reported ($1.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.08). Equities analysts predict that Forte Biosciences, Inc. will post -4.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Forte Biosciences in a research note on Friday, March 27th. Wall Street Zen raised Forte Biosciences from a “strong sell” rating to a “sell” rating in a research note on Monday, May 18th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Forte Biosciences has an average rating of “Moderate Buy” and an average price target 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.