Forte Biosciences (NASDAQ:FBRX) Releases Earnings Results

Forte Biosciences (NASDAQ:FBRX) released its quarterly earnings results on Monday. The company reported ($1.24) EPS for the quarter, FiscalAI reports.

Forte Biosciences Price Performance

FBRX stock traded up $1.24 on Monday, reaching $25.26. 97,710 shares of the company were exchanged, compared to its average volume of 262,422. Forte Biosciences has a 12 month low of $6.20 and a 12 month high of $35.80. The stock’s fifty day moving average price is $28.23 and its 200 day moving average price is $25.07. The firm has a market capitalization of $350.86 million, a PE ratio of -5.27 and a beta of 3.01.

Institutional Investors Weigh In On Forte Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. Global Retirement Partners LLC bought a new stake in Forte Biosciences in the 4th quarter valued at $27,000. Bank of America Corp DE increased its holdings in Forte Biosciences by 5,641.8% in 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 during the period. Dimensional Fund Advisors LP bought a new stake in Forte Biosciences in the 3rd quarter valued at $161,000. Jane Street Group LLC bought a new stake in Forte Biosciences in the 4th quarter valued at $228,000. Finally, Citadel Advisors LLC bought a new stake in Forte Biosciences in the 3rd quarter valued at $234,000. Institutional investors own 77.63% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on FBRX. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forte Biosciences in a research report on Friday, March 27th. Wall Street Zen lowered shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a research report on Sunday. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.