Forte Biosciences (NASDAQ:FBRX) Reaches New 12-Month High - Here's Why

Key Points

• Forte Biosciences hit a new 52-week high, trading as high as $45.40 after closing previously at $43.20.
• Analyst sentiment remains mixed, but the stock currently carries a Moderate Buy consensus with an average target price of $67.00.
• The company remains a speculative biotech name: it reported a quarterly EPS loss of $1.24, and analysts expect it to post -4.27 EPS for the current fiscal year.

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as $45.40 and last traded at $45.1450, with a volume of 37019 shares. The stock had previously closed at $43.20.

Analysts Set New Price Targets

A number of research firms have recently commented on FBRX. Wall Street Zen raised shares of Forte Biosciences from a "strong sell" rating to a "sell" rating in a research report on Sunday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Forte Biosciences in a research note on Wednesday, July 8th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $67.00.

Forte Biosciences Price Performance

The stock has a market capitalization of $586.51 million, a P/E ratio of -9.06 and a beta of 2.85. The company has a fifty day moving average of $22.01 and a two-hundred day moving average of $26.46.

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

Institutional Trading of Forte Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of FBRX. Mink Brook Asset Management LLC boosted its holdings in shares of Forte Biosciences by 109.1% in the 3rd quarter. Mink Brook Asset Management LLC now owns 81,312 shares of the company's stock valued at $1,220,000 after buying an additional 42,419 shares during the period. Candriam S.C.A. acquired a new stake in Forte Biosciences during the first quarter worth about $2,196,000. 683 Capital Management LLC acquired a new stake in Forte Biosciences during the fourth quarter worth about $1,091,000. Fred Alger Management LLC lifted its holdings in Forte Biosciences by 1.1% in the third quarter. Fred Alger Management LLC now owns 1,636,030 shares of the company's stock worth $24,540,000 after acquiring an additional 17,381 shares during the last quarter. Finally, Persistent Asset Partners Ltd bought a new position in Forte Biosciences in the fourth quarter worth about $277,000. 77.63% of the stock is owned by institutional investors and hedge funds.

About Forte Biosciences

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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