Forte Biosciences (NASDAQ:FBRX) Announces Earnings Results, Misses Expectations By $0.09 EPS

Forte Biosciences (NASDAQ:FBRX) released its quarterly earnings results on Wednesday. The company reported ($0.97) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.09), FiscalAI reports.

Forte Biosciences Trading Down 0.1%

Shares of NASDAQ:FBRX traded down $0.09 during midday trading on Wednesday, hitting $76.78. The company had a trading volume of 1,915,118 shares, compared to its average volume of 600,512. Forte Biosciences has a 12 month low of $9.91 and a 12 month high of $77.20. The firm has a fifty day simple moving average of $39.65 and a 200 day simple moving average of $31.86. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -16.55 and a beta of 2.62.

Hedge Funds Weigh In On Forte Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FBRX. Global Retirement Partners LLC acquired a new position in shares of Forte Biosciences during the 4th quarter worth about $27,000. Bank of America Corp DE increased its stake in shares of Forte Biosciences by 5,641.8% in the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after acquiring an additional 3,103 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Forte Biosciences in the 3rd quarter valued at approximately $161,000. Jane Street Group LLC acquired a new stake in shares of Forte Biosciences in the 4th quarter valued at approximately $228,000. Finally, Citadel Advisors LLC bought a new position in Forte Biosciences during the 3rd quarter worth approximately $234,000. Institutional investors own 77.63% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Wall Street Zen lowered Forte Biosciences from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 25th. Brookline Capital Markets lowered Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Evercore set a $77.00 target price on Forte Biosciences in a research note on Monday, July 27th. TD Cowen cut Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Finally, Barclays downgraded shares of Forte Biosciences from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $74.00 to $77.00 in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $72.50.

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.