Forte Biosciences (NASDAQ:FBRX) Sets New 1-Year High - What's Next?

Key Points

• Forte Biosciences shares reached a new 52-week high of $77.53, significantly above their 50-day and 200-day moving averages of $46.88 and $33.76, respectively.
• Analyst sentiment remains cautious: the stock has an average rating of “Hold” and a consensus price target of $71.67, below its recent trading price near $77.
• Institutional ownership is substantial at 77.63%, with several hedge funds increasing their positions during the second quarter; the company also reported quarterly EPS of -$0.97, slightly better than estimates.

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) shares reached a new 52-week high during trading on Thursday . The company traded as high as $77.53 and last traded at $76.9250, with a volume of 312 shares. The stock had previously closed at $76.90.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. TD Cowen cut Forte Biosciences from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. Barclays lowered shares of Forte Biosciences from an "overweight" rating to an "equal weight" rating and lifted their price objective for the company from $74.00 to $77.00 in a research note on Tuesday, July 28th. Brookline Capital Markets cut shares of Forte Biosciences from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. Weiss Ratings upgraded shares of Forte Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, August 14th. Finally, Wall Street Zen lowered Forte Biosciences from a "sell" rating to a "strong sell" rating in a report on Saturday, July 25th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Forte Biosciences has an average rating of "Hold" and a consensus price target of $71.67.

Forte Biosciences Price Performance

The company has a 50 day moving average price of $46.88 and a 200 day moving average price of $33.76. The firm has a market cap of $1.07 billion, a PE ratio of -16.55 and a beta of 2.62.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.97) earnings per share for the quarter, beating analysts' consensus estimates of ($1.00) by $0.03. On average, equities analysts anticipate that Forte Biosciences, Inc. will post -4.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FBRX. Geode Capital Management LLC lifted its position in Forte Biosciences by 6.7% in the second 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. Orbimed Advisors LLC increased its position in Forte Biosciences by 101.8% during the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company's stock worth $15,477,000 after purchasing an additional 603,867 shares during the period. Cable Car Capital LP raised its stake in shares of Forte Biosciences by 127.7% during the 2nd 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. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Forte Biosciences in the 2nd quarter valued at approximately $4,310,000. Finally, Mink Brook Asset Management LLC acquired a new stake in shares of Forte Biosciences in the 2nd quarter valued at 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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