Forte Biosciences (NASDAQ:FBRX) Hits New 1-Year High – What’s Next?

Forte Biosciences, Inc. (NASDAQ:FBRX) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $77.53 and last traded at $76.9250, with a volume of 312 shares trading hands. The stock had previously closed at $76.90.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on FBRX shares. TD Cowen downgraded shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Brookline Capital Markets downgraded Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Evercore set a $77.00 target price on Forte Biosciences in a research report on Monday, July 27th. Wall Street Zen downgraded Forte Biosciences from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. Finally, Barclays downgraded Forte Biosciences from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $74.00 to $77.00 in a report on Tuesday, July 28th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $71.67.

Forte Biosciences Trading Up 0.0%

The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -16.54 and a beta of 2.62. The business’s 50-day simple moving average is $49.25 and its two-hundred day simple moving average is $34.39.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.97) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.03. On average, analysts forecast that Forte Biosciences, Inc. will post -4.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Forte Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada boosted its position in Forte Biosciences by 6.5% during the fourth quarter. Royal Bank of Canada now owns 11,986 shares of the company’s stock valued at $327,000 after acquiring an additional 733 shares during the last quarter. Global Retirement Partners LLC bought a new position in shares of Forte Biosciences in the 4th quarter worth about $27,000. Bank of America Corp DE raised its position 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 worth $47,000 after acquiring an additional 3,103 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Forte Biosciences by 6.7% in the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock worth $829,000 after acquiring an additional 4,028 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Forte Biosciences by 23.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company’s stock valued at $350,000 after purchasing an additional 4,491 shares during the period. Institutional investors and hedge funds 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.