Forte Biosciences (NASDAQ:FBRX) Sets New 52-Week High – Time to Buy?

Forte Biosciences, Inc. (NASDAQ:FBRX)’s stock price reached a new 52-week high on Thursday . The company traded as high as $36.20 and last traded at $37.16, with a volume of 3859124 shares traded. The stock had previously closed at $20.58.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forte Biosciences in a research report on Friday, March 27th. Wall Street Zen raised shares of Forte Biosciences from a “strong sell” rating to a “sell” rating in a report on Monday, May 18th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Forte Biosciences Trading Up 79.8%

The business’s fifty day simple moving average is $20.82 and its 200-day simple moving average is $26.08. The firm has a market cap of $513.80 million, a P/E ratio of -7.96 and a beta of 2.85.

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

Hedge Funds Weigh In On Forte Biosciences

Several hedge funds have recently made changes to their positions in FBRX. Global Retirement Partners LLC bought a new stake in shares of Forte Biosciences in the 4th quarter worth approximately $27,000. Bank of America Corp DE increased its position in Forte Biosciences by 5,641.8% during 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 bought a new position in Forte Biosciences during the 3rd quarter valued at approximately $161,000. Jane Street Group LLC bought a new stake in Forte Biosciences in the fourth quarter worth $228,000. Finally, Citadel Advisors LLC bought a new stake in Forte Biosciences in the third quarter worth $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.