Forte Biosciences (NASDAQ:FBRX) Sets New 52-Week High - Should You Buy?

Key Points

• Forte Biosciences (NASDAQ:FBRX) hit a new 52-week high at $52.15 before easing to $47.49, reflecting strong recent trading momentum despite a pullback from the intraday peak.
• Analyst views are mixed but lean positive: the stock carries a Moderate Buy consensus with an average target price of $67, even though Weiss Ratings reiterated a sell rating and Wall Street Zen only upgraded it to sell from strong sell.
• The company remains a clinical-stage biotech with no current profits, recently reporting a wider-than-expected quarterly loss and with institutional ownership at 77.63%, suggesting significant hedge fund and large investor interest.

Shares of Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $52.15 and last traded at $47.49, with a volume of 602220 shares. The stock had previously closed at $48.86.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FBRX shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Forte Biosciences in a report on Wednesday, July 8th. Wall Street Zen raised shares of Forte Biosciences from a "strong sell" rating to a "sell" rating in a research report on Sunday, July 12th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $67.00.

Forte Biosciences Trading Down 2.8%

The company has a market cap of $659.64 million, a price-to-earnings ratio of -10.23 and a beta of 2.85. The company has a fifty day moving average price of $23.67 and a two-hundred day moving average price of $27.01.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last released its quarterly earnings data on Monday, May 11th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.16) by ($0.08). Sell-side analysts anticipate that Forte Biosciences, Inc. will post -4.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Forte Biosciences

A number of hedge funds have recently made changes to their positions in FBRX. Bank of America Corp DE boosted its position in shares of Forte Biosciences by 444.0% during the 1st quarter. Bank of America Corp DE now owns 21,606 shares of the company's stock valued at $560,000 after acquiring an additional 17,634 shares in the last quarter. Stempoint Capital LP acquired a new position in Forte Biosciences in the first quarter worth about $1,503,000. Royal Bank of Canada lifted its stake in Forte Biosciences by 11.7% during the first quarter. Royal Bank of Canada now owns 13,389 shares of the company's stock worth $346,000 after purchasing an additional 1,403 shares during the period. Candriam S.C.A. bought a new position in Forte Biosciences during the first quarter worth about $2,196,000. Finally, Quadrature Capital Ltd bought a new position in Forte Biosciences during the fourth quarter worth about $479,000. Institutional investors and hedge funds 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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