Forte Biosciences (NASDAQ:FBRX) Trading Down 8.2% – Here’s Why

Forte Biosciences, Inc. (NASDAQ:FBRX) traded down 8.2% on Monday . The company traded as low as $40.11 and last traded at $40.3140. Approximately 222,742 shares changed hands during trading, a decline of 36% from the average session volume of 347,386 shares. The stock had previously closed at $43.92.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a research report on Wednesday. Wall Street Zen upgraded shares of Forte Biosciences from a “strong sell” rating to a “sell” rating in a research note on Sunday. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Forte Biosciences Stock Down 6.9%

The firm has a market capitalization of $567.59 million, a price-to-earnings ratio of -8.88 and a beta of 2.85. The stock has a 50 day moving average of $21.35 and a 200 day moving average of $26.23.

Forte Biosciences (NASDAQ:FBRX) last released 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). Analysts predict that Forte Biosciences, Inc. will post -4.27 earnings per share for the current year.

Institutional Trading of Forte Biosciences

Institutional investors and hedge funds have recently modified their holdings of the business. Global Retirement Partners LLC acquired a new position in shares of Forte Biosciences in the 4th quarter valued at about $27,000. Bank of America Corp DE raised its stake in 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 acquiring an additional 3,103 shares during the period. Dimensional Fund Advisors LP bought a new position in Forte Biosciences in the third quarter worth about $161,000. Jane Street Group LLC bought a new position in Forte Biosciences in the fourth quarter worth about $228,000. Finally, Citadel Advisors LLC acquired a new position in Forte Biosciences in the third quarter valued at approximately $234,000. 77.63% of the stock is owned by institutional investors and hedge funds.

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.