Forte Biosciences (NASDAQ:FBRX) Releases Quarterly Earnings Results, Misses Estimates By $0.09 EPS

Forte Biosciences (NASDAQ:FBRX) announced its quarterly earnings data on Wednesday. The company reported ($0.97) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.09), FiscalAI reports.

Forte Biosciences Trading Up 0.1%

FBRX traded up $0.09 during trading on Thursday, hitting $76.86. 707,214 shares of the company traded hands, compared to its average volume of 604,297. The stock’s 50-day simple moving average is $40.84 and its two-hundred day simple moving average is $32.17. Forte Biosciences has a 1 year low of $9.91 and a 1 year high of $77.20. The company has a market cap of $1.07 billion, a PE ratio of -16.56 and a beta of 2.62.

Analyst Ratings Changes

Several equities analysts recently issued reports on FBRX shares. Weiss Ratings lowered Forte Biosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. Evercore set a $77.00 price objective on Forte Biosciences in a research report on Monday, July 27th. Wall Street Zen downgraded Forte Biosciences from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. Brookline Capital Markets cut shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Finally, Barclays lowered Forte Biosciences from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $74.00 to $77.00 in a report on Tuesday, July 28th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $72.50.

Institutional Investors Weigh In On Forte Biosciences

Large investors have recently bought and sold shares of the business. Quadrature Capital Ltd purchased a new stake in shares of Forte Biosciences during the 4th quarter valued at about $479,000. Millennium Management LLC grew its stake in Forte Biosciences by 105.9% in the 4th quarter. Millennium Management LLC now owns 246,685 shares of the company’s stock worth $6,727,000 after acquiring an additional 126,873 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Forte Biosciences by 1.6% in the 4th quarter. Janus Henderson Group PLC now owns 1,425,785 shares of the company’s stock worth $39,159,000 after buying an additional 21,943 shares during the period. J. Goldman & Co LP bought a new stake in shares of Forte Biosciences in the fourth quarter valued at about $1,658,000. Finally, Jain Global LLC bought a new stake in shares of Forte Biosciences in the 4th quarter valued at about $5,520,000. Institutional investors own 77.63% of the company’s stock.

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.