Forte Biosciences, Inc. (NASDAQ:FBRX – Get Free Report)’s stock price fell 8.2% during mid-day trading on Monday . The company traded as low as $40.11 and last traded at $40.3140. 222,742 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 347,386 shares. The stock had previously closed at $43.92.
Wall Street Analyst Weigh In
FBRX has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a report on Wednesday, July 8th. Wall Street Zen raised shares of Forte Biosciences from a “strong sell” rating to a “sell” rating in a report on Sunday. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.
Read Our Latest Analysis on FBRX
Forte Biosciences Stock Performance
Forte Biosciences (NASDAQ:FBRX – Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.08). Sell-side 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
A number of institutional investors have recently made changes to their positions in FBRX. Mink Brook Asset Management LLC boosted its holdings in shares of Forte Biosciences by 109.1% in the 3rd quarter. Mink Brook Asset Management LLC now owns 81,312 shares of the company’s stock worth $1,220,000 after purchasing an additional 42,419 shares in the last quarter. Candriam S.C.A. purchased a new position in shares of Forte Biosciences during the 1st quarter valued at about $2,196,000. 683 Capital Management LLC purchased a new position in shares of Forte Biosciences during the 4th quarter valued at about $1,091,000. Fred Alger Management LLC lifted its position in Forte Biosciences by 1.1% in the 3rd quarter. Fred Alger Management LLC now owns 1,636,030 shares of the company’s stock worth $24,540,000 after buying an additional 17,381 shares during the last quarter. Finally, Persistent Asset Partners Ltd bought a new stake in Forte Biosciences in the 4th quarter worth approximately $277,000. 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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