Forte Biosciences (NASDAQ:FBRX) Sets New 12-Month High - Should You Buy?

Key Points

• Forte Biosciences surged 39.5% to $76.45, reaching a new 52-week high and lifting its market capitalization to approximately $1.06 billion.
• Analyst views are mixed: Barclays initiated coverage with an “overweight” rating and a $74 target, while Weiss Ratings and Wall Street Zen remained bearish. Overall, four analysts rate the stock a Buy and one a Sell, producing a “Moderate Buy” consensus and a $68.75 average target.
• The company missed its latest quarterly earnings estimate, reporting a loss of $1.24 per share versus the expected $1.16 loss. Hedge funds and other institutions own approximately 77.63% of the outstanding shares.

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $76.45 and last traded at $76.45, with a volume of 4174964 shares traded. The stock had previously closed at $54.78.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FBRX. Weiss Ratings restated a "sell (d-)" rating on shares of Forte Biosciences in a research note on Wednesday, July 8th. Barclays assumed coverage on shares of Forte Biosciences in a research report on Tuesday, July 21st. They issued an "overweight" rating and a $74.00 price target for the company. Finally, Wall Street Zen lowered shares of Forte Biosciences from a "sell" rating to a "strong sell" rating in a research note on Saturday. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $68.75.

Forte Biosciences Trading Up 39.5%

The business has a 50-day moving average of $26.19 and a 200 day moving average of $27.86. The firm has a market capitalization of $1.06 billion, a PE ratio of -16.47 and a beta of 2.85.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($1.24) earnings per share for the quarter, missing analysts' consensus estimates of ($1.16) by ($0.08). On average, sell-side analysts expect 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. Global Retirement Partners LLC bought a new position in Forte Biosciences in the 4th quarter valued at $27,000. Bank of America Corp DE grew its holdings in shares of Forte Biosciences by 5,641.8% during the third quarter. Bank of America Corp DE now owns 3,158 shares of the company's stock worth $47,000 after purchasing an additional 3,103 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in shares of Forte Biosciences in the third quarter worth approximately $161,000. Jane Street Group LLC bought a new stake in Forte Biosciences during the fourth quarter valued at approximately $228,000. Finally, Citadel Advisors LLC purchased a new position in Forte Biosciences in the 3rd quarter worth approximately $234,000. 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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