Candriam S.C.A. Invests $2.20 Million in Forte Biosciences, Inc. $FBRX

Candriam S.C.A. bought a new stake in shares of Forte Biosciences, Inc. (NASDAQ:FBRX) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 84,803 shares of the company’s stock, valued at approximately $2,196,000.

Several other large investors have also recently made changes to their positions in the company. Royal Bank of Canada boosted its holdings in Forte Biosciences by 6.5% during the fourth quarter. Royal Bank of Canada now owns 11,986 shares of the company’s stock worth $327,000 after buying an additional 733 shares in the last quarter. Global Retirement Partners LLC purchased a new position in Forte Biosciences in the fourth quarter valued at $27,000. Bank of America Corp DE increased its holdings in 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 buying an additional 3,103 shares in the last quarter. Geode Capital Management LLC increased its holdings in Forte Biosciences by 6.7% in the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock valued at $829,000 after buying an additional 4,028 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Forte Biosciences by 23.8% in the third quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company’s stock worth $350,000 after acquiring an additional 4,491 shares during the period. 77.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently issued reports on FBRX. Wall Street Zen raised shares of Forte Biosciences from a “strong sell” rating to a “sell” rating in a research note on Sunday. Weiss Ratings restated a “sell (d-)” rating on shares of Forte Biosciences in a research note on Wednesday, July 8th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $67.00.

Forte Biosciences Stock Down 2.1%

Shares of NASDAQ FBRX opened at $43.20 on Wednesday. The firm has a market cap of $600.05 million, a price-to-earnings ratio of -9.31 and a beta of 2.85. The company’s 50-day simple moving average is $22.01 and its 200-day simple moving average is $26.46. Forte Biosciences, Inc. has a 52-week low of $9.10 and a 52-week high of $45.36.

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

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.