Forte Biosciences (NASDAQ:FBRX) Stock Price Down 5.1% – Here’s What Happened

Forte Biosciences, Inc. (NASDAQ:FBRX) fell 5.1% on Monday . The stock traded as low as $15.51 and last traded at $15.67. 248,772 shares changed hands during mid-day trading, an increase of 1% from the average session volume of 246,781 shares. The stock had previously closed at $16.52.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FBRX. Wall Street Zen upgraded shares of Forte Biosciences from a “strong sell” rating to a “sell” rating in a report on Monday, May 18th. Weiss Ratings restated a “sell (e+)” rating on shares of Forte Biosciences in a report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Forte Biosciences has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Forte Biosciences Stock Performance

The business’s fifty day simple moving average is $25.06 and its 200 day simple moving average is $26.28. The stock has a market cap of $233.63 million, a price-to-earnings ratio of -3.63 and a beta of 2.87.

Forte Biosciences (NASDAQ:FBRX) last posted 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 forecast that Forte Biosciences, Inc. will post -4.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Forte Biosciences

A number of institutional investors have recently added to or reduced their stakes in FBRX. Global Retirement Partners LLC acquired a new stake in shares of Forte Biosciences during the 4th quarter valued at $27,000. Bank of America Corp DE lifted its stake 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 buying an additional 3,103 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in Forte Biosciences during the third quarter valued at about $161,000. Jane Street Group LLC purchased a new stake in Forte Biosciences during the fourth quarter valued at about $228,000. Finally, Citadel Advisors LLC purchased a new stake in Forte Biosciences during the third quarter valued at about $234,000. 77.63% of the stock is currently owned by institutional investors and hedge funds.

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.