Forte Biosciences, Inc. (NASDAQ:FBRX – Get Free Report) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $45.40 and last traded at $45.1450, with a volume of 37019 shares changing hands. The stock had previously closed at $43.20.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on FBRX. Wall Street Zen raised shares of Forte Biosciences from a “strong sell” rating to a “sell” rating in a report on Sunday, July 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a research report on Wednesday, July 8th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Forte Biosciences currently has an average rating of “Moderate Buy” and an average target price of $67.00.
Read Our Latest Stock Analysis on FBRX
Forte Biosciences Stock Performance
Forte Biosciences (NASDAQ:FBRX – Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported ($1.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.08). Research analysts predict that Forte Biosciences, Inc. will post -4.27 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in FBRX. Federated Hermes Inc. raised its position in Forte Biosciences by 8.0% during the fourth quarter. Federated Hermes Inc. now owns 1,765,516 shares of the company’s stock worth $48,146,000 after acquiring an additional 130,136 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Forte Biosciences by 1.6% in the fourth quarter. Janus Henderson Group PLC now owns 1,425,785 shares of the company’s stock valued at $39,159,000 after buying an additional 21,943 shares during the last quarter. Orbimed Advisors LLC lifted its stake in shares of Forte Biosciences by 101.8% during the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock worth $15,477,000 after purchasing an additional 603,867 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Forte Biosciences by 16.4% during the third quarter. Vanguard Group Inc. now owns 566,741 shares of the company’s stock worth $8,501,000 after purchasing an additional 79,822 shares during the last quarter. Finally, Cable Car Capital LP increased its stake in Forte Biosciences by 127.7% in the second quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock valued at $6,465,000 after purchasing an additional 280,396 shares during the last quarter. 77.63% of the stock is owned by hedge funds and other institutional investors.
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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