Forte Biosciences (NASDAQ:FBRX) Reaches New 12-Month High - Still a Buy?

Key Points

• Forte Biosciences (NASDAQ:FBRX) hit a new 52-week high, trading as high as $36.20 and last changing hands at $37.16, sharply above its prior close of $20.58.
• Analyst sentiment remains mixed but generally constructive: the stock currently carries a Moderate Buy rating with an average price target of $67, though some firms still rate it as a sell.
• The company reported a Q1 EPS loss of $1.24, missing estimates, while hedge fund ownership remains high at 77.63% of shares outstanding.

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $36.20 and last traded at $37.16, with a volume of 3859124 shares. The stock had previously closed at $20.58.

Analysts Set New Price Targets

FBRX has been the topic of several research analyst reports. Weiss Ratings reiterated a "sell (e+)" rating on shares of Forte Biosciences in a research note on Friday, March 27th. Wall Street Zen raised Forte Biosciences from a "strong sell" rating to a "sell" rating in a research report on Monday, May 18th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Forte Biosciences currently has an average rating of "Moderate Buy" and an average target price of $67.00.

Forte Biosciences Stock Up 79.8%

The stock has a market cap of $513.80 million, a P/E ratio of -7.96 and a beta of 2.85. The business's 50-day simple moving average is $20.82 and its two-hundred day simple moving average is $26.08.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last posted its quarterly 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). Analysts anticipate that Forte Biosciences, Inc. will post -4.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Forte Biosciences

Several hedge funds have recently made changes to their positions in FBRX. Mink Brook Asset Management LLC grew its position in Forte Biosciences by 109.1% in the third quarter. Mink Brook Asset Management LLC now owns 81,312 shares of the company's stock worth $1,220,000 after acquiring an additional 42,419 shares in the last quarter. 683 Capital Management LLC purchased a new stake in Forte Biosciences during the fourth quarter valued at about $1,091,000. Adage Capital Partners GP L.L.C. bought a new stake in Forte Biosciences during the second quarter worth about $4,310,000. Federated Hermes Inc. lifted its stake in Forte Biosciences by 8.0% during the fourth quarter. Federated Hermes Inc. now owns 1,765,516 shares of the company's stock worth $48,146,000 after purchasing an additional 130,136 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of Forte Biosciences by 1.6% in the 4th quarter. Janus Henderson Group PLC now owns 1,425,785 shares of the company's stock worth $39,159,000 after purchasing an additional 21,943 shares in the last quarter. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

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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