Forte Biosciences (NASDAQ:FBRX) Sees Strong Trading Volume – Still a Buy?

Forte Biosciences, Inc. (NASDAQ:FBRX) shares saw strong trading volume on Thursday . Approximately 655,893 shares changed hands during trading, an increase of 13% from the previous session’s volume of 578,546 shares.The stock last traded at $76.7950 and had previously closed at $76.61.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FBRX shares. Evercore set a $77.00 target price on shares of Forte Biosciences in a research report on Monday, July 27th. Wall Street Zen downgraded shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. Weiss Ratings cut Forte Biosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, July 28th. TD Cowen downgraded Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Finally, Brookline Capital Markets lowered Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Forte Biosciences currently has an average rating of “Hold” and an average target price of $72.50.

Forte Biosciences Trading Down 0.1%

The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -16.55 and a beta of 2.62. The business’s 50-day simple moving average is $37.32 and its two-hundred day simple moving average is $31.23.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings results on Monday, May 11th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.08). On average, analysts forecast that Forte Biosciences, Inc. will post -4.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp acquired a new stake in Forte Biosciences during the second quarter worth approximately $870,000. Bank of America Corp DE lifted its stake in Forte Biosciences by 444.0% in the first quarter. Bank of America Corp DE now owns 21,606 shares of the company’s stock valued at $560,000 after buying an additional 17,634 shares during the period. Stempoint Capital LP acquired a new position in Forte Biosciences in the first quarter valued at approximately $1,503,000. Royal Bank of Canada boosted its holdings in shares of Forte Biosciences by 11.7% during the 1st quarter. Royal Bank of Canada now owns 13,389 shares of the company’s stock worth $346,000 after buying an additional 1,403 shares in the last quarter. Finally, Candriam S.C.A. bought a new position in shares of Forte Biosciences during the 1st quarter worth approximately $2,196,000. 77.63% of the stock is owned by institutional investors and hedge funds.

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.