Forte Biosciences (NASDAQ:FBRX) Sees Large Volume Increase - Here's What Happened

Key Points

• Forte Biosciences shares traded near $76.97 as mid-day volume reached approximately 508,813 shares, down 24% from the prior session.
• Analyst sentiment has weakened, with multiple firms downgrading the stock; the consensus rating is “Hold” with an average price target of $71.67.
• Forte reported quarterly EPS of negative $0.97, beating estimates of negative $1.00, while institutional investors own 77.63% of the company.

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) saw strong trading volume on Tuesday . Approximately 508,813 shares changed hands during mid-day trading, a decline of 24% from the previous session's volume of 671,589 shares.The stock last traded at $76.9650 and had previously closed at $76.95.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FBRX. Barclays downgraded Forte Biosciences from an "overweight" rating to an "equal weight" rating and boosted their target price for the company from $74.00 to $77.00 in a report on Tuesday, July 28th. Weiss Ratings raised Forte Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, August 14th. Evercore set a $77.00 price target on Forte Biosciences in a report on Monday, July 27th. Wall Street Zen lowered shares of Forte Biosciences from a "sell" rating to a "strong sell" rating in a research report on Saturday, July 25th. Finally, TD Cowen lowered Forte Biosciences from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $71.67.

Forte Biosciences Stock Performance

The firm has a market cap of $1.63 billion, a PE ratio of -16.55 and a beta of 2.60. The stock has a fifty day moving average price of $50.43 and a 200-day moving average price of $34.69.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last posted its quarterly earnings results 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, equities analysts predict that Forte Biosciences, Inc. will post -4.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Forte Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in FBRX. Royal Bank of Canada boosted its position in Forte Biosciences by 6.5% during the 4th quarter. Royal Bank of Canada now owns 11,986 shares of the company's stock worth $327,000 after purchasing an additional 733 shares during the period. Global Retirement Partners LLC purchased a new position in Forte Biosciences in the fourth quarter valued at about $27,000. Bank of America Corp DE lifted its stake 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. Geode Capital Management LLC boosted its position in shares of Forte Biosciences by 6.7% in the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company's stock worth $829,000 after buying an additional 4,028 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in shares of Forte Biosciences by 23.8% in the third quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company's stock valued at $350,000 after buying an additional 4,491 shares in the last quarter. 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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