Forte Biosciences (NASDAQ:FBRX) Trading Down 8.2% - Time to Sell?

Key Points

• Forte Biosciences shares fell 8.2% on Monday, trading as low as $40.11 on lighter-than-usual volume before closing at $40.31.
• Recent analyst sentiment is mixed but still leans positive overall: Weiss Ratings kept a sell (d-) rating, while Wall Street Zen upgraded the stock to sell; MarketBeat shows a Moderate Buy consensus with a $67 price target.
• The company recently reported a loss of $1.24 per share for the quarter, missing estimates, while analysts expect full-year EPS of -4.27. Forte remains a clinical-stage biotech focused on skin-health therapies, including its lead candidate FB-401 for atopic dermatitis.

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report)'s stock price dropped 8.2% during trading on Monday . The company traded as low as $40.11 and last traded at $40.3140. 222,742 shares were traded during trading, a decline of 36% from the average daily volume of 347,386 shares. The stock had previously closed at $43.92.

Analyst Ratings Changes

Several brokerages have recently issued reports on FBRX. Weiss Ratings restated a "sell (d-)" rating on shares of Forte Biosciences in a research report on Wednesday. Wall Street Zen upgraded Forte Biosciences from a "strong sell" rating to a "sell" rating in a research report on Sunday. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $67.00.

Forte Biosciences Stock Performance

The business has a fifty day moving average price of $21.35 and a 200 day moving average price of $26.23. The firm has a market capitalization of $567.59 million, a price-to-earnings ratio of -8.88 and a beta of 2.85.

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

Institutional Trading of Forte Biosciences

Hedge funds have recently made changes to their positions in the company. Bank of America Corp DE lifted its position in shares of Forte Biosciences by 444.0% during the first quarter. Bank of America Corp DE now owns 21,606 shares of the company's stock worth $560,000 after purchasing an additional 17,634 shares in the last quarter. Stempoint Capital LP acquired a new stake in Forte Biosciences during the 1st quarter valued at $1,503,000. Royal Bank of Canada increased its stake in Forte Biosciences by 11.7% during the 1st quarter. Royal Bank of Canada now owns 13,389 shares of the company's stock worth $346,000 after buying an additional 1,403 shares during the period. Candriam S.C.A. acquired a new position in Forte Biosciences in the 1st quarter worth $2,196,000. Finally, Quadrature Capital Ltd purchased a new position in Forte Biosciences in the 4th quarter valued at about $479,000. Hedge funds and other institutional investors own 77.63% of the company's stock.

About Forte Biosciences

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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