Forte Biosciences (NASDAQ:FBRX) Sees Large Volume Increase – Should You Buy?

Forte Biosciences, Inc. (NASDAQ:FBRX) saw an uptick in trading volume on Tuesday . Approximately 393,147 shares traded hands during trading, a decline of 20% from the previous session’s volume of 492,296 shares.The stock last traded at $76.6290 and had previously closed at $76.50.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FBRX. Evercore set a $77.00 price target on Forte Biosciences in a report on Monday. Barclays lowered Forte Biosciences from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $74.00 to $77.00 in a research note on Tuesday. TD Cowen downgraded Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday. Weiss Ratings lowered shares of Forte Biosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. Finally, Wall Street Zen cut shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $72.50.

Forte Biosciences Stock Down 0.2%

The business’s 50 day moving average is $29.55 and its 200 day moving average is $28.96. The company has a market cap of $1.06 billion, a P/E ratio of -16.49 and a beta of 2.85.

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

Hedge Funds Weigh In On Forte Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in FBRX. Bank of America Corp DE raised its holdings in Forte Biosciences by 444.0% in the first quarter. Bank of America Corp DE now owns 21,606 shares of the company’s stock worth $560,000 after purchasing an additional 17,634 shares in the last quarter. Stempoint Capital LP bought a new stake in shares of Forte Biosciences in the 1st quarter valued at about $1,503,000. Royal Bank of Canada boosted its holdings in shares of Forte Biosciences by 11.7% in the 1st quarter. Royal Bank of Canada now owns 13,389 shares of the company’s stock valued at $346,000 after buying an additional 1,403 shares in the last quarter. Candriam S.C.A. purchased a new position in shares of Forte Biosciences in the 1st quarter worth approximately $2,196,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Forte Biosciences in the 4th quarter worth approximately $479,000. 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.