Mink Brook Asset Management LLC Acquires 42,419 Shares of Forte Biosciences, Inc. $FBRX

Mink Brook Asset Management LLC increased its stake in Forte Biosciences, Inc. (NASDAQ:FBRX) by 109.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 81,312 shares of the company’s stock after purchasing an additional 42,419 shares during the quarter. Forte Biosciences comprises 0.8% of Mink Brook Asset Management LLC’s investment portfolio, making the stock its 22nd largest holding. Mink Brook Asset Management LLC’s holdings in Forte Biosciences were worth $1,220,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of America Corp DE raised its stake 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 worth $47,000 after buying an additional 3,103 shares during the period. Geode Capital Management LLC boosted its stake in Forte Biosciences by 6.7% during the 2nd 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 last quarter. Envestnet Asset Management Inc. increased its holdings in Forte Biosciences by 23.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company’s stock worth $350,000 after purchasing an additional 4,491 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in Forte Biosciences during the third quarter worth $161,000. Finally, Citadel Advisors LLC purchased a new stake in shares of Forte Biosciences in the third quarter valued at about $234,000. 77.63% of the stock is owned by institutional investors.

Forte Biosciences Stock Performance

NASDAQ:FBRX opened at $27.46 on Tuesday. Forte Biosciences, Inc. has a 52-week low of $4.90 and a 52-week high of $35.62. The firm has a market capitalization of $344.07 million, a price-to-earnings ratio of -8.27 and a beta of 3.23. The stock has a fifty day moving average of $29.90 and a 200 day moving average of $21.29.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FBRX shares. Chardan Capital reissued a “buy” rating and set a $61.00 target price on shares of Forte Biosciences in a research report on Monday, November 17th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forte Biosciences in a research report on Monday, December 29th. Finally, Evercore initiated coverage on shares of Forte Biosciences in a report on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 price objective for the company. Three equities research 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 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.