Forte Biosciences (NASDAQ:FBRX) Sees Large Volume Increase - Here's Why

Key Points

• Forte Biosciences’ trading volume rose 13% to 655,893 shares, while the stock traded near $76.80 and carried a market capitalization of approximately $1.07 billion.
• Analyst sentiment is mixed but leans cautious: the consensus rating is “Hold” with an average price target of $72.50, while several firms recently downgraded the shares.
• The company reported a quarterly loss of $1.24 per share, missing the $1.16 consensus estimate, and analysts expect a full-year loss of $4.27 per share. Institutional investors own 77.63% of the stock.

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) shares saw an uptick in trading volume on Thursday . 655,893 shares changed hands during trading, an increase of 13% from the previous session's volume of 578,546 shares.The stock last traded at $76.7950 and had previously closed at $76.61.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. TD Cowen lowered shares of Forte Biosciences from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. Brookline Capital Markets cut Forte Biosciences from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. Weiss Ratings lowered Forte Biosciences from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, July 28th. Wall Street Zen cut Forte Biosciences from a "sell" rating to a "strong sell" rating in a research report on Saturday, July 25th. Finally, Evercore set a $77.00 price objective on Forte Biosciences in a research report on Monday, July 27th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Forte Biosciences currently has a consensus rating of "Hold" and an average target price of $72.50.

Forte Biosciences Price Performance

The stock has a market cap of $1.07 billion, a P/E ratio of -16.55 and a beta of 2.62. The firm's fifty day moving average price is $35.05 and its two-hundred day moving average price is $30.60.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last issued its 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). On average, research analysts expect that Forte Biosciences, Inc. will post -4.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Forte Biosciences

Large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in shares of Forte Biosciences by 6.5% in the 4th quarter. Royal Bank of Canada now owns 11,986 shares of the company's stock worth $327,000 after buying an additional 733 shares during the last quarter. Global Retirement Partners LLC acquired a new position in Forte Biosciences during the fourth quarter worth $27,000. Bank of America Corp DE raised its holdings in Forte Biosciences by 5,641.8% in the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company's stock valued at $47,000 after acquiring an additional 3,103 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Forte Biosciences by 6.7% in the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company's stock valued at $829,000 after purchasing an additional 4,028 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in shares of Forte Biosciences by 23.8% during the third quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company's stock worth $350,000 after acquiring an additional 4,491 shares during the last quarter. Hedge funds and other institutional investors own 77.63% of the company's stock.

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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