Forte Biosciences, Inc. $FBRX Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC cut its position in Forte Biosciences, Inc. (NASDAQ:FBRX) by 10.7% during the fourth quarter, Holdings Channel reports. The firm owned 1,460,971 shares of the company’s stock after selling 175,059 shares during the period. Fred Alger Management LLC owned approximately 0.12% of Forte Biosciences worth $39,841,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Mink Brook Asset Management LLC increased its holdings in shares of Forte Biosciences by 109.1% in the third quarter. Mink Brook Asset Management LLC now owns 81,312 shares of the company’s stock valued at $1,220,000 after purchasing an additional 42,419 shares during the period. Geode Capital Management LLC increased its holdings in shares of Forte Biosciences by 15.0% in the fourth quarter. Geode Capital Management LLC now owns 124,609 shares of the company’s stock valued at $3,400,000 after purchasing an additional 16,291 shares during the period. Goldman Sachs Group Inc. acquired a new stake in Forte Biosciences during the fourth quarter worth about $1,855,000. Marshall Wace LLP grew its holdings in Forte Biosciences by 89.4% during the fourth quarter. Marshall Wace LLP now owns 36,297 shares of the company’s stock worth $990,000 after acquiring an additional 17,132 shares during the period. Finally, Perceptive Advisors LLC acquired a new stake in Forte Biosciences during the second quarter worth about $882,000. 77.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Forte Biosciences Stock Down 5.0%

Forte Biosciences stock opened at $17.15 on Wednesday. The firm has a market cap of $238.21 million, a price-to-earnings ratio of -3.70 and a beta of 2.87. Forte Biosciences, Inc. has a 52 week low of $9.10 and a 52 week high of $35.80. The business’s 50-day moving average price is $24.24 and its 200 day moving average price is $26.21.

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

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.