Forte Biosciences (NASDAQ:FBRX) Issues Quarterly Earnings Results, Misses Estimates By $0.09 EPS

Forte Biosciences (NASDAQ:FBRX) issued its quarterly earnings results on Wednesday. The company reported ($0.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.09), FiscalAI reports.

Forte Biosciences Stock Performance

FBRX traded down $0.09 on Wednesday, reaching $76.78. 1,923,987 shares of the company’s stock were exchanged, compared to its average volume of 603,706. The company’s 50 day moving average is $39.65 and its 200-day moving average is $31.86. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -16.55 and a beta of 2.62. Forte Biosciences has a twelve month low of $9.91 and a twelve month high of $77.20.

Analyst Ratings Changes

Several brokerages have recently weighed in on FBRX. Weiss Ratings lowered shares of Forte Biosciences from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, July 28th. TD Cowen downgraded shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Barclays lowered shares of Forte Biosciences from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $74.00 to $77.00 in a research report on Tuesday, July 28th. Evercore set a $77.00 price target on shares of Forte Biosciences in a research note on Monday, July 27th. Finally, Brookline Capital Markets lowered shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Forte Biosciences currently has an average rating of “Hold” and a consensus target price of $72.50.

Institutional Investors Weigh In On Forte Biosciences

Several institutional investors have recently bought and sold shares of FBRX. Quadrature Capital Ltd acquired a new stake in shares of Forte Biosciences in the fourth quarter worth $479,000. Millennium Management LLC raised its stake in shares of Forte Biosciences by 105.9% in the 4th quarter. Millennium Management LLC now owns 246,685 shares of the company’s stock valued at $6,727,000 after acquiring an additional 126,873 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Forte Biosciences by 1.6% during the 4th quarter. Janus Henderson Group PLC now owns 1,425,785 shares of the company’s stock valued at $39,159,000 after acquiring an additional 21,943 shares in the last quarter. J. Goldman & Co LP acquired a new position in shares of Forte Biosciences during the 4th quarter valued at $1,658,000. Finally, Jain Global LLC purchased a new stake in Forte Biosciences during the 4th quarter worth $5,520,000. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

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.