Forte Biosciences (NASDAQ:FBRX) Stock Price Up 6.3% – Still a Buy?

Forte Biosciences, Inc. (NASDAQ:FBRX)’s share price rose 6.3% during mid-day trading on Thursday . The company traded as high as $60.16 and last traded at $60.2250. Approximately 446,041 shares were traded during trading, an increase of 21% from the average session volume of 368,159 shares. The stock had previously closed at $56.63.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a research report on Wednesday, July 8th. Wall Street Zen cut Forte Biosciences from a “sell” rating to a “strong sell” rating in a research report on Saturday. Finally, Barclays assumed coverage on Forte Biosciences in a report on Tuesday. They set an “overweight” rating and a $74.00 target price on the stock. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.75.

Forte Biosciences Stock Performance

The stock has a 50-day moving average of $26.19 and a two-hundred day moving average of $27.83. The company has a market cap of $760.68 million, a P/E ratio of -11.81 and a beta of 2.85.

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

Institutional Trading of Forte Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in shares of Forte Biosciences by 6.7% during the second 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 in the last quarter. Orbimed Advisors LLC grew its stake in shares of Forte Biosciences by 101.8% in the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock worth $15,477,000 after acquiring an additional 603,867 shares during the period. Cable Car Capital LP grew its stake in shares of Forte Biosciences by 127.7% in the second quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock worth $6,465,000 after acquiring an additional 280,396 shares during the period. Adage Capital Partners GP L.L.C. purchased a new position in shares of Forte Biosciences during the second quarter valued at approximately $4,310,000. Finally, Mink Brook Asset Management LLC purchased a new position in shares of Forte Biosciences during the second quarter valued at approximately $503,000. 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.