Tybourne Capital Management HK Ltd. Raises Stake in Forte Biosciences, Inc. (NASDAQ:FBRX)

Tybourne Capital Management HK Ltd. raised its position in shares of Forte Biosciences, Inc. (NASDAQ:FBRX - Free Report) by 327.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 619,981 shares of the company's stock after purchasing an additional 475,000 shares during the quarter. Forte Biosciences accounts for about 3.5% of Tybourne Capital Management HK Ltd.'s investment portfolio, making the stock its 11th largest position. Tybourne Capital Management HK Ltd. owned approximately 9.70% of Forte Biosciences worth $14,080,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Orbimed Advisors LLC purchased a new position in Forte Biosciences during the fourth quarter valued at approximately $13,626,000. Fred Alger Management LLC raised its position in shares of Forte Biosciences by 1,271.2% during the fourth quarter. Fred Alger Management LLC now owns 1,133,944 shares of the company's stock valued at $25,752,000 after buying an additional 1,051,246 shares during the last quarter. BVF Inc. IL raised its position in shares of Forte Biosciences by 398.2% during the fourth quarter. BVF Inc. IL now owns 594,282 shares of the company's stock valued at $13,496,000 after buying an additional 475,000 shares during the last quarter. Acuta Capital Partners LLC bought a new stake in shares of Forte Biosciences during the fourth quarter valued at approximately $412,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of Forte Biosciences during the fourth quarter valued at approximately $2,026,000. Hedge funds and other institutional investors own 77.63% of the company's stock.

Analyst Upgrades and Downgrades

FBRX has been the topic of several recent analyst reports. Chardan Capital reduced their price objective on shares of Forte Biosciences from $64.00 to $61.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. TD Cowen initiated coverage on shares of Forte Biosciences in a research report on Tuesday, January 21st. They set a "buy" rating on the stock.

Forte Biosciences Stock Performance

Shares of FBRX opened at $7.85 on Monday. The company's fifty day moving average is $6.71 and its 200 day moving average is $11.93. Forte Biosciences, Inc. has a fifty-two week low of $4.11 and a fifty-two week high of $28.68. The stock has a market capitalization of $51.68 million, a PE ratio of -0.48 and a beta of 2.82.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last announced its quarterly earnings results on Thursday, May 15th. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.48). As a group, research analysts forecast that Forte Biosciences, Inc. will post -12.12 earnings per share for the current year.

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.

Want to see what other hedge funds are holding FBRX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Forte Biosciences, Inc. (NASDAQ:FBRX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.