Forte Biosciences (NASDAQ:FBRX) Stock Price Up 6.3% – Time to Buy?

Forte Biosciences, Inc. (NASDAQ:FBRX) was up 6.3% on Thursday . The stock traded as high as $60.16 and last traded at $60.2250. Approximately 446,041 shares traded hands during mid-day trading, an increase of 21% from the average daily volume of 368,159 shares. The stock had previously closed at $56.63.

Analyst Ratings Changes

Several analysts recently commented on the company. Wall Street Zen upgraded Forte Biosciences from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Barclays started coverage on Forte Biosciences in a report on Tuesday. They issued an “overweight” rating and a $74.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a research note on Wednesday, July 8th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Forte Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.75.

Forte Biosciences Trading Up 8.0%

The firm has a fifty day moving average price of $24.84 and a 200 day moving average price of $27.38. The firm has a market cap of $849.73 million, a PE ratio of -13.11 and a beta of 2.85.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings data 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, equities analysts predict that Forte Biosciences, Inc. will post -4.27 earnings per share for the current year.

Institutional Investors Weigh In On Forte Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised 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 valued at $829,000 after purchasing an additional 4,028 shares during the period. Orbimed Advisors LLC raised its holdings in 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 buying an additional 603,867 shares during the period. Cable Car Capital LP lifted its position in Forte Biosciences by 127.7% in the second 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 during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Forte Biosciences during the second quarter worth about $4,310,000. Finally, Mink Brook Asset Management LLC purchased a new position in Forte Biosciences during the second quarter worth about $503,000. Institutional investors and hedge funds 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.