Forte Biosciences (NASDAQ:FBRX) Announces Quarterly Earnings Results

Key Points

• Forte Biosciences reported earnings of ($0.96) per share, beating estimates by $0.25 and significantly exceeding the consensus estimate of ($1.21).
• The company's stock price rose by $0.75 to $11.57 following the earnings announcement, reflecting positive market sentiment.
• Analysts have varying views on the stock, with Chardan Capital maintaining a "buy" rating and setting a target price of $61.00, while Wall Street Zen upgraded the stock from "sell" to "hold".

Forte Biosciences (NASDAQ:FBRX - Get Free Report) announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.96) EPS for the quarter, beating analysts' consensus estimates of ($1.21) by $0.25, Zacks reports.

Forte Biosciences Price Performance

Forte Biosciences stock traded down $0.65 during trading hours on Thursday, hitting $11.11. 42,768 shares of the stock were exchanged, compared to its average volume of 58,686. The business's 50-day moving average is $11.45 and its two-hundred day moving average is $9.34. Forte Biosciences has a 12 month low of $4.11 and a 12 month high of $28.68.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Forte Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of FBRX. Perceptive Advisors LLC acquired a new position in Forte Biosciences in the second quarter worth $882,000. Mink Brook Asset Management LLC acquired a new stake in shares of Forte Biosciences in the second quarter valued at $503,000. Adage Capital Partners GP L.L.C. bought a new position in shares of Forte Biosciences in the second quarter valued at about $4,310,000. Cable Car Capital LP lifted its position in Forte Biosciences by 127.7% during the 2nd quarter. Cable Car Capital LP now owns 500,000 shares of the company's stock worth $6,465,000 after buying an additional 280,396 shares in the last quarter. Finally, Orbimed Advisors LLC lifted its position in Forte Biosciences by 101.8% during the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company's stock worth $15,477,000 after buying an additional 603,867 shares in the last quarter. 77.63% of the stock is owned by institutional investors and hedge funds.

About Forte Biosciences

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.