Forte Biosciences (NASDAQ:FBRX) Trading 6.3% Higher – Time to Buy?

Forte Biosciences, Inc. (NASDAQ:FBRX) shares traded up 6.3% on Thursday . The stock traded as high as $60.16 and last traded at $60.2250. 446,041 shares were traded during trading, an increase of 21% from the average session volume of 368,159 shares. The stock had previously closed at $56.63.

Wall Street Analysts Forecast Growth

FBRX has been the subject of several analyst reports. Wall Street Zen raised Forte Biosciences from a “strong sell” rating to a “sell” rating in a report on Sunday, July 12th. Barclays initiated coverage on Forte Biosciences in a report on Tuesday. They set an “overweight” rating and a $74.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a research note on Wednesday, July 8th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $68.75.

Forte Biosciences Stock Performance

The stock has a market cap of $849.73 million, a PE ratio of -13.11 and a beta of 2.85. The company has a 50 day moving average of $24.84 and a two-hundred day moving average of $27.38.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings results on Monday, May 11th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.08). As a group, equities research analysts anticipate that Forte Biosciences, Inc. will post -4.27 EPS for the current year.

Hedge Funds Weigh In On Forte Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FBRX. Global Retirement Partners LLC purchased a new stake in shares of Forte Biosciences during the fourth quarter worth about $27,000. Bank of America Corp DE lifted its stake in Forte Biosciences by 5,641.8% in the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after buying an additional 3,103 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in Forte Biosciences in the 3rd quarter valued at about $161,000. Jane Street Group LLC acquired a new stake in Forte Biosciences in the 4th quarter worth about $228,000. Finally, Citadel Advisors LLC acquired a new stake in Forte Biosciences in the 3rd quarter worth about $234,000. 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.