Forte Biosciences (NASDAQ:FBRX) Sees Unusually-High Trading Volume – Time to Buy?

Forte Biosciences, Inc. (NASDAQ:FBRX) saw an uptick in trading volume on Tuesday . Approximately 508,813 shares changed hands during mid-day trading, a decline of 24% from the previous session’s volume of 671,589 shares.The stock last traded at $76.9650 and had previously closed at $76.95.

Wall Street Analyst Weigh In

FBRX has been the topic of several recent analyst reports. Brookline Capital Markets lowered Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. TD Cowen downgraded Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Weiss Ratings raised Forte Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 14th. Wall Street Zen cut Forte Biosciences from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 25th. Finally, Evercore set a $77.00 price target on Forte Biosciences in a report on Monday, July 27th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $71.67.

Forte Biosciences Trading Up 0.0%

The firm has a 50 day moving average of $52.82 and a two-hundred day moving average of $35.35. The stock has a market capitalization of $1.63 billion, a PE ratio of -16.56 and a beta of 2.62.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.97) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.03. Equities research analysts forecast that Forte Biosciences, Inc. will post -4.27 EPS for the current year.

Hedge Funds Weigh In On Forte Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC purchased a new stake in Forte Biosciences in the 4th quarter valued at approximately $27,000. Bank of America Corp DE lifted its position in shares of Forte Biosciences by 5,641.8% in the third quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after acquiring an additional 3,103 shares in the last quarter. California State Teachers Retirement System purchased a new stake in shares of Forte Biosciences in the second quarter valued at $121,000. Dimensional Fund Advisors LP acquired a new stake in shares of Forte Biosciences during the third quarter valued at $161,000. Finally, Jane Street Group LLC acquired a new stake in shares of Forte Biosciences during the fourth quarter valued at $228,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

About Forte Biosciences

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.