Forte Biosciences (NASDAQ:FBRX) Sets New 1-Year High – What’s Next?

Forte Biosciences, Inc. (NASDAQ:FBRX)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $77.53 and last traded at $76.9250, with a volume of 312 shares. The stock had previously closed at $76.90.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Brookline Capital Markets lowered shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Barclays downgraded shares of Forte Biosciences from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $74.00 to $77.00 in a report on Tuesday, July 28th. Weiss Ratings raised shares of Forte Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 14th. TD Cowen lowered shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Finally, Wall Street Zen downgraded shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 25th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $71.67.

Forte Biosciences Stock Up 0.0%

The company has a market cap of $1.07 billion, a price-to-earnings ratio of -16.55 and a beta of 2.62. The company has a fifty day simple moving average of $46.88 and a two-hundred day simple moving average of $33.76.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.97) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.00) by $0.03. On average, research analysts predict that Forte Biosciences, Inc. will post -4.27 EPS for the current year.

Hedge Funds Weigh In On Forte Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Stempoint Capital LP purchased a new position in shares of Forte Biosciences during the 1st quarter worth approximately $1,503,000. Candriam S.C.A. purchased a new stake in Forte Biosciences in the 1st quarter valued at approximately $2,196,000. 683 Capital Management LLC purchased a new stake in Forte Biosciences in the 4th quarter valued at approximately $1,091,000. Adage Capital Partners GP L.L.C. acquired a new stake in Forte Biosciences during the 2nd quarter valued at $4,310,000. Finally, Goldman Sachs Group Inc. purchased a new position in Forte Biosciences during the fourth quarter worth $1,855,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

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.