58,020 Shares in Forte Biosciences, Inc. $FBRX Bought by Stempoint Capital LP

Key Points

• Stempoint Capital LP purchased 58,020 Forte Biosciences shares worth approximately $1.5 million, representing about 0.42% of the company. Institutional investors collectively own 77.63% of FBRX.
• FBRX opened at $76.53, near its 52-week high of $76.68, with a market capitalization of approximately $1.06 billion. The company reported quarterly EPS of -$1.24, missing the consensus estimate of -$1.16.
• Analyst sentiment is mixed, with recent downgrades from several firms; the stock has a consensus “Hold” rating and an average price target of $72.50.

Stempoint Capital LP purchased a new stake in Forte Biosciences, Inc. (NASDAQ:FBRX - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 58,020 shares of the company's stock, valued at approximately $1,503,000. Stempoint Capital LP owned approximately 0.42% of Forte Biosciences at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its stake in shares of Forte Biosciences by 6.5% during the fourth quarter. Royal Bank of Canada now owns 11,986 shares of the company's stock worth $327,000 after purchasing an additional 733 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Forte Biosciences in the fourth quarter worth about $27,000. Bank of America Corp DE grew its stake 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 buying an additional 3,103 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Forte Biosciences by 6.7% in the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company's stock valued at $829,000 after buying an additional 4,028 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of Forte Biosciences by 23.8% in the third quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company's stock valued at $350,000 after buying an additional 4,491 shares in the last quarter. 77.63% of the stock is owned by hedge funds and other institutional investors.

Forte Biosciences Price Performance

NASDAQ:FBRX opened at $76.53 on Thursday. The firm has a 50-day moving average of $29.55 and a two-hundred day moving average of $28.96. The stock has a market cap of $1.06 billion, a P/E ratio of -16.49 and a beta of 2.85. Forte Biosciences, Inc. has a 1-year low of $9.10 and a 1-year high of $76.68.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last announced its 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 analysts expect that Forte Biosciences, Inc. will post -4.27 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Barclays downgraded Forte Biosciences from an "overweight" rating to an "equal weight" rating and raised their target price for the company from $74.00 to $77.00 in a report on Tuesday. Evercore set a $77.00 price objective on shares of Forte Biosciences in a research report on Monday. TD Cowen lowered shares of Forte Biosciences from a "strong-buy" rating to a "hold" rating in a research note on Monday. Weiss Ratings cut shares of Forte Biosciences from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday. Finally, Brookline Capital Markets cut shares of Forte Biosciences from a "strong-buy" rating to a "hold" rating in a research report on Monday. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Forte Biosciences currently has a consensus rating of "Hold" and an average price target of $72.50.

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.

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