Forte Biosciences (NASDAQ:FBRX) Sets New 52-Week High – Here’s Why

Forte Biosciences, Inc. (NASDAQ:FBRX)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $76.45 and last traded at $76.45, with a volume of 4174964 shares traded. The stock had previously closed at $54.78.

Analyst Upgrades and Downgrades

FBRX has been the topic of a number of research analyst reports. Wall Street Zen downgraded Forte Biosciences from a “sell” rating to a “strong sell” rating in a report on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Forte Biosciences in a research report on Wednesday, July 8th. Finally, Barclays started coverage on shares of Forte Biosciences in a research report on Tuesday, July 21st. They set an “overweight” rating and a $74.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $68.75.

Forte Biosciences Price Performance

The company has a market cap of $1.06 billion, a P/E ratio of -16.47 and a beta of 2.85. The company’s 50-day moving average is $26.19 and its two-hundred day moving average is $27.86.

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 the consensus estimate of ($1.16) by ($0.08). Equities research analysts anticipate that Forte Biosciences, Inc. will post -4.27 EPS for the current year.

Institutional Investors Weigh In On Forte Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in FBRX. Global Retirement Partners LLC bought a new position in shares of Forte Biosciences during the 4th quarter valued at $27,000. Bank of America Corp DE lifted its position 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 acquiring 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 worth about $161,000. Jane Street Group LLC purchased a new stake in shares of Forte Biosciences during the fourth quarter worth about $228,000. Finally, Citadel Advisors LLC bought a new stake in Forte Biosciences during the 3rd quarter valued at approximately $234,000. 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.