Fred Alger Management LLC Sells 175,059 Shares of Forte Biosciences, Inc. $FBRX

Fred Alger Management LLC trimmed its stake in Forte Biosciences, Inc. (NASDAQ:FBRX) by 10.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,460,971 shares of the company’s stock after selling 175,059 shares during the period. Fred Alger Management LLC owned 11.66% of Forte Biosciences worth $39,841,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in FBRX. Geode Capital Management LLC raised 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 acquiring an additional 4,028 shares in the last quarter. Orbimed Advisors LLC increased its position in Forte Biosciences by 101.8% during the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after buying an additional 603,867 shares in the last quarter. Cable Car Capital LP increased its position in Forte Biosciences by 127.7% during the 2nd 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 in the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in Forte Biosciences during the 2nd quarter valued at about $4,310,000. Finally, Mink Brook Asset Management LLC acquired a new position in Forte Biosciences during the 2nd quarter valued at about $503,000. 77.63% of the stock is owned by institutional investors.

Forte Biosciences Price Performance

Shares of NASDAQ:FBRX opened at $17.15 on Wednesday. The business’s 50-day moving average is $24.24 and its 200 day moving average is $26.21. Forte Biosciences, Inc. has a 1 year low of $9.10 and a 1 year high of $35.80. The firm has a market capitalization of $238.21 million, a P/E ratio of -3.70 and a beta of 2.87.

Forte Biosciences (NASDAQ:FBRX) last announced its 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). On average, analysts expect that Forte Biosciences, Inc. will post -4.27 EPS for the current year.

Analysts Set New Price Targets

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

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.