Forte Biosciences (NASDAQ:FBRX) Stock Price Up 7.8% – Here’s What Happened

Forte Biosciences, Inc. (NASDAQ:FBRX) shares shot up 7.8% on Friday . The stock traded as high as $47.94 and last traded at $48.5190. Approximately 268,175 shares were traded during trading, a decline of 25% from the average session volume of 358,363 shares. The stock had previously closed at $44.99.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a research report on Wednesday, July 8th. Wall Street Zen upgraded Forte Biosciences from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. 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 currently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

Forte Biosciences Stock Up 10.1%

The stock has a market capitalization of $688.15 million, a PE ratio of -10.75 and a beta of 2.85. The firm’s fifty day moving average price is $22.74 and its two-hundred day moving average price is $26.70.

Forte Biosciences (NASDAQ:FBRX) last issued its earnings results 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, analysts predict that Forte Biosciences, Inc. will post -4.27 EPS for the current year.

Institutional Trading of Forte Biosciences

Large investors have recently modified their holdings of the company. Global Retirement Partners LLC purchased a new stake in Forte Biosciences during the fourth quarter valued at $27,000. Bank of America Corp DE grew its stake in shares of 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 valued at $47,000 after purchasing an additional 3,103 shares during the period. Dimensional Fund Advisors LP bought a new stake in shares of Forte Biosciences during the 3rd quarter valued at about $161,000. Jane Street Group LLC bought a new stake in shares of Forte Biosciences during the 4th quarter valued at about $228,000. Finally, Citadel Advisors LLC purchased a new stake in shares of Forte Biosciences during the 3rd quarter valued at about $234,000. Institutional investors 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.