Forte Biosciences (NASDAQ:FBRX) Posts Earnings Results, Misses Expectations By $0.03 EPS

Forte Biosciences (NASDAQ:FBRX) posted its quarterly earnings results on Tuesday. The company reported ($1.45) EPS for the quarter, missing the consensus estimate of ($1.42) by ($0.03), FiscalAI reports.

Forte Biosciences Price Performance

Forte Biosciences stock opened at $24.86 on Thursday. The firm has a 50 day simple moving average of $28.96 and a 200-day simple moving average of $22.44. The stock has a market cap of $311.42 million, a price-to-earnings ratio of -5.21 and a beta of 3.24. Forte Biosciences has a 1-year low of $4.90 and a 1-year high of $35.62.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in Forte Biosciences by 6.7% in the second 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 during the period. Orbimed Advisors LLC lifted its stake in shares of Forte Biosciences by 101.8% in the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after purchasing an additional 603,867 shares during the last quarter. Cable Car Capital LP lifted its stake in shares of Forte Biosciences by 127.7% in the 2nd quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock valued at $6,465,000 after purchasing an additional 280,396 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Forte Biosciences during the 2nd quarter worth $4,310,000. Finally, Mink Brook Asset Management LLC purchased a new position in shares of Forte Biosciences during the 2nd quarter worth $503,000. 77.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, Forte Biosciences has an average rating of “Moderate Buy” and an average price target of $67.00.

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.