Forte Biosciences (NASDAQ:FBRX) Announces Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Forte Biosciences (NASDAQ:FBRX) issued its quarterly earnings results on Tuesday. The company reported ($1.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.42) by ($0.03), FiscalAI reports.

Forte Biosciences Stock Performance

NASDAQ FBRX opened at $25.90 on Wednesday. The firm’s 50 day moving average price is $29.10 and its two-hundred day moving average price is $22.42. Forte Biosciences has a twelve month low of $4.90 and a twelve month high of $35.62. The stock has a market cap of $324.53 million, a price-to-earnings ratio of -7.80 and a beta of 3.24.

Institutional Trading of Forte Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of FBRX. Barclays PLC raised its position in Forte Biosciences by 2,840.4% during the fourth quarter. Barclays PLC now owns 24,111 shares of the company’s stock valued at $658,000 after buying an additional 23,291 shares during the period. Mink Brook Asset Management LLC acquired a new stake in Forte Biosciences during the 2nd quarter worth about $503,000. Hudson Bay Capital Management LP acquired a new stake in Forte Biosciences during the 4th quarter worth about $451,000. Landscape Capital Management L.L.C. purchased a new position in Forte Biosciences during the 4th quarter valued at about $431,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in shares of Forte Biosciences in the 4th quarter valued at about $425,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Forte Biosciences in a research report on Friday. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Forte Biosciences currently has an average rating of “Moderate Buy” and an average price target of $67.00.

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.