Forte Biosciences (NASDAQ:FBRX) Issues Quarterly Earnings Results, Beats Estimates By $0.25 EPS

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 earnings results on Thursday. The company reported ($0.96) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.21) by $0.25, Zacks reports.

Forte Biosciences Price Performance

NASDAQ FBRX traded up $0.75 during trading on Friday, hitting $11.57. 14,993 shares of the company's stock traded hands, compared to its average volume of 54,367. The stock has a fifty day moving average of $11.48 and a two-hundred day moving average of $9.42. Forte Biosciences has a 12-month low of $4.11 and a 12-month high of $28.68. The firm has a market cap of $76.13 million, a P/E ratio of -0.71 and a beta of 2.91.

Analysts Set New Price Targets

Several research analysts recently issued reports on FBRX shares. Wall Street Zen upgraded shares of Forte Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday. Chardan Capital reiterated a "buy" rating and issued a $61.00 target price on shares of Forte Biosciences in a research report on Friday.

Institutional Trading of Forte Biosciences

Several institutional investors have recently added to or reduced their stakes in FBRX. Mink Brook Asset Management LLC bought a new position in Forte Biosciences in the second quarter worth about $503,000. Geode Capital Management LLC raised its stake in Forte Biosciences by 6.7% in the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company's stock worth $829,000 after buying an additional 4,028 shares in the last quarter. Perceptive Advisors LLC bought a new position in Forte Biosciences in the second quarter worth about $882,000. Adage Capital Partners GP L.L.C. bought a new position in Forte Biosciences in the second quarter worth about $4,310,000. Finally, Cable Car Capital LP raised its stake in Forte Biosciences by 127.7% in the second 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. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

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.

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