Wellington Management Group LLP raised its stake in shares of Forte Biosciences, Inc. (NASDAQ:FBRX – Free Report) by 49.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,156 shares of the company’s stock after acquiring an additional 14,665 shares during the quarter. Wellington Management Group LLP owned approximately 0.32% of Forte Biosciences worth $938,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Global Retirement Partners LLC bought a new position in shares of Forte Biosciences in the 4th quarter worth $27,000. Bank of America Corp DE boosted its position 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 valued at $47,000 after purchasing an additional 3,103 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in Forte Biosciences in the third quarter valued at about $161,000. Jane Street Group LLC purchased a new position in Forte Biosciences in the fourth quarter valued at about $228,000. Finally, Citadel Advisors LLC bought a new position in Forte Biosciences in the third quarter worth about $234,000. 77.63% of the stock is currently owned by hedge funds and other institutional investors.
Forte Biosciences Stock Performance
Shares of FBRX stock opened at $76.99 on Friday. Forte Biosciences, Inc. has a fifty-two week low of $10.11 and a fifty-two week high of $77.20. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -16.56 and a beta of 2.62. The stock’s 50-day simple moving average is $66.57 and its 200-day simple moving average is $39.26.
Analyst Ratings Changes
Several analysts have commented on the stock. TD Cowen lowered shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Brookline Capital Markets downgraded shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Wall Street Zen upgraded shares of Forte Biosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 29th. Barclays cut shares of Forte Biosciences from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $74.00 to $77.00 in a research report on Tuesday, July 28th. Finally, Weiss Ratings upgraded shares of Forte Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 14th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $71.67.
View Our Latest Analysis on FBRX
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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