Forte Biosciences, Inc. $FBRX Shares Sold by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC reduced its stake in Forte Biosciences, Inc. by 19.7%, now holding approximately $7.07 million worth of shares.
• Wall Street analysts maintain a consensus "Buy" rating on Forte Biosciences, with price targets ranging from $61 to $75.
• Forte Biosciences recently reported an earnings per share (EPS) of ($0.96), surpassing analysts' expectations of ($1.21).

Fred Alger Management LLC lessened its holdings in Forte Biosciences, Inc. (NASDAQ:FBRX - Free Report) by 19.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 910,609 shares of the company's stock after selling 223,335 shares during the quarter. Fred Alger Management LLC owned approximately 13.83% of Forte Biosciences worth $7,066,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of FBRX. Garde Capital Inc. acquired a new position in Forte Biosciences in the first quarter valued at $31,000. AlphaQuest LLC acquired a new position in Forte Biosciences in the first quarter valued at $33,000. Woodline Partners LP acquired a new position in Forte Biosciences in the fourth quarter valued at $4,639,000. Orbimed Advisors LLC acquired a new position in Forte Biosciences in the fourth quarter valued at $13,626,000. Finally, Tybourne Capital Management HK Ltd. boosted its stake in Forte Biosciences by 327.6% in the fourth quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company's stock valued at $14,080,000 after acquiring an additional 475,000 shares in the last quarter. Hedge funds and other institutional investors own 77.63% of the company's stock.

Forte Biosciences Trading Up 1.0%

Shares of FBRX traded up $0.10 during mid-day trading on Friday, hitting $10.56. 42,025 shares of the company's stock were exchanged, compared to its average volume of 69,635. Forte Biosciences, Inc. has a fifty-two week low of $4.11 and a fifty-two week high of $28.68. The firm has a market capitalization of $131.26 million, a P/E ratio of -0.65 and a beta of 2.69. The business's 50 day moving average is $10.85 and its two-hundred day moving average is $9.26.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.96) earnings per share for the quarter, topping the consensus estimate of ($1.21) by $0.25. On average, equities research analysts forecast that Forte Biosciences, Inc. will post -12.12 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Chardan Capital restated a "buy" rating and issued a $61.00 price objective on shares of Forte Biosciences in a research note on Friday, August 15th. Wall Street Zen upgraded shares of Forte Biosciences from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Finally, Guggenheim assumed coverage on shares of Forte Biosciences in a research note on Monday, August 18th. They issued a "buy" rating and a $75.00 price objective for the company. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Forte Biosciences presently has an average rating of "Buy" and an average price target of $68.00.

Forte Biosciences Profile

Forte Biosciences, Inc operates as a biopharmaceutical company in the United States. The company is developing FB-102 program that addresses various autoimmune diseases, such as graft-versus-host disease, and vitiligo and alopecia areata. Forte Biosciences, Inc is headquartered in Dallas, Texas.