Forte Biosciences (NASDAQ:FBRX) Sees Strong Trading Volume - What's Next?

Key Points

• Forte Biosciences shares saw a major volume spike, with approximately 4.22 million shares traded—581% above the prior session—while the stock was essentially flat at $76.93.
• Analyst sentiment is mixed but leans toward “Hold”: one analyst rates the stock Buy, four rate it Hold, and one rates it Sell, with a consensus price target of $71.67.
• The company beat quarterly earnings expectations, reporting an EPS loss of $0.97 versus the projected $1.00 loss, while institutional investors—including Orbimed Advisors and Cable Car Capital—expanded their positions; institutions own 77.63% of the stock.

Shares of Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) saw an uptick in trading volume on Wednesday . Approximately 4,219,902 shares were traded during mid-day trading, an increase of 581% from the previous session's volume of 619,556 shares.The stock last traded at $76.9250 and had previously closed at $76.88.

Wall Street Analyst Weigh In

FBRX has been the topic of several recent research reports. TD Cowen downgraded shares of Forte Biosciences from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. Wall Street Zen cut shares of Forte Biosciences from a "sell" rating to a "strong sell" rating in a report on Saturday, July 25th. Evercore set a $77.00 price objective on shares of Forte Biosciences in a research report on Monday, July 27th. Weiss Ratings raised shares of Forte Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday. Finally, Barclays cut shares of Forte Biosciences from an "overweight" rating to an "equal weight" rating and lifted their target price for the stock from $74.00 to $77.00 in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $71.67.

Forte Biosciences Trading Up 0.1%

The stock's 50 day moving average is $45.68 and its 200-day moving average is $33.42. The company has a market cap of $1.07 billion, a P/E ratio of -16.55 and a beta of 2.60.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.97) EPS for the quarter, beating the consensus estimate of ($1.00) by $0.03. As a group, sell-side analysts forecast that Forte Biosciences, Inc. will post -4.27 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in 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 acquiring an additional 4,028 shares during the last quarter. Orbimed Advisors LLC boosted its stake in Forte Biosciences by 101.8% during the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company's stock valued at $15,477,000 after buying an additional 603,867 shares during the last quarter. Cable Car Capital LP grew its holdings in Forte Biosciences by 127.7% during the 2nd quarter. Cable Car Capital LP now owns 500,000 shares of the company's stock valued at $6,465,000 after buying an additional 280,396 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Forte Biosciences during the 2nd quarter valued at approximately $4,310,000. Finally, Mink Brook Asset Management LLC bought a new stake in Forte Biosciences in the 2nd quarter worth approximately $503,000. 77.63% of the stock is 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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