Janus Henderson Group PLC Reduces Stake in Forte Biosciences, Inc. $FBRX

Key Points

• Janus Henderson cut its Forte Biosciences stake by 16.7% in the first quarter, selling 237,725 shares. It still held 1.19 million shares, representing approximately 8.55% of the company, while institutional investors collectively owned 77.63%.
• Analyst sentiment weakened, with several firms downgrading the stock; Forte now has an average rating of “Hold” and an average price target of $72.50.
• FBRX opened at $76.60, near its 12-month high of $77.20, but the company reported a quarterly EPS loss of $1.24, missing estimates, and analysts expect a full-year loss of $4.27 per share.

Janus Henderson Group PLC lowered its position in Forte Biosciences, Inc. (NASDAQ:FBRX - Free Report) by 16.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,188,060 shares of the company's stock after selling 237,725 shares during the period. Janus Henderson Group PLC owned about 8.55% of Forte Biosciences worth $30,812,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Global Retirement Partners LLC purchased a new position in 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% during the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company's stock valued at $47,000 after purchasing an additional 3,103 shares during the period. Dimensional Fund Advisors LP purchased a new stake in shares of Forte Biosciences during the 3rd quarter valued at about $161,000. Jane Street Group LLC purchased a new stake in shares of Forte Biosciences during the 4th quarter valued at about $228,000. Finally, Citadel Advisors LLC purchased a new stake in shares of Forte Biosciences during the 3rd quarter valued at about $234,000. Hedge funds and other institutional investors own 77.63% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Forte Biosciences from a "sell" rating to a "strong sell" rating in a report on Saturday, July 25th. Brookline Capital Markets cut shares of Forte Biosciences from a "strong-buy" rating to a "hold" rating in a 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 stock from $74.00 to $77.00 in a research report on Tuesday, July 28th. Evercore set a $77.00 price target on shares of Forte Biosciences in a research note on Monday, July 27th. Finally, Weiss Ratings downgraded shares of Forte Biosciences from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $72.50.

Forte Biosciences Price Performance

FBRX stock opened at $76.60 on Monday. The business's 50-day moving average price is $31.75 and its 200-day moving average price is $29.67. The stock has a market cap of $1.06 billion, a P/E ratio of -16.51 and a beta of 2.85. Forte Biosciences, Inc. has a twelve month low of $9.10 and a twelve month high of $77.20.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last released its earnings results on Monday, May 11th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.08). On average, equities research analysts expect that Forte Biosciences, Inc. will post -4.27 earnings per share for the current fiscal year.

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.

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