58,020 Shares in Forte Biosciences, Inc. $FBRX Bought by Stempoint Capital LP

Stempoint Capital LP purchased a new stake in Forte Biosciences, Inc. (NASDAQ:FBRX) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 58,020 shares of the company’s stock, valued at approximately $1,503,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in shares of Forte Biosciences by 6.7% in the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock worth $829,000 after purchasing an additional 4,028 shares during the last quarter. Orbimed Advisors LLC grew its stake in Forte Biosciences by 101.8% in the second 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 in the last quarter. Cable Car Capital LP increased its holdings 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 buying an additional 280,396 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in Forte Biosciences during the second quarter valued at approximately $4,310,000. Finally, Mink Brook Asset Management LLC bought a new position in Forte Biosciences during the 2nd quarter worth approximately $503,000. 77.63% of the stock is currently owned by institutional investors.

Forte Biosciences Trading Down 0.2%

NASDAQ:FBRX opened at $76.53 on Thursday. The stock has a 50 day moving average of $29.55 and a 200-day moving average of $28.96. The firm has a market capitalization of $1.06 billion, a PE ratio of -16.49 and a beta of 2.85. Forte Biosciences, Inc. has a 52 week low of $9.10 and a 52 week high of $76.68.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Weiss Ratings downgraded Forte Biosciences from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. Evercore set a $77.00 price objective on shares of Forte Biosciences in a report on Monday. Barclays lowered shares of Forte Biosciences from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $74.00 to $77.00 in a research note on Tuesday. Wall Street Zen downgraded shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 25th. Finally, Brookline Capital Markets lowered shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $72.50.

Forte Biosciences 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.