Forte Biosciences (NASDAQ:FBRX) Reaches New 12-Month High – Here’s Why

Forte Biosciences, Inc. (NASDAQ:FBRX)’s share price hit a new 52-week high on Wednesday . The company traded as high as $45.40 and last traded at $45.1450, with a volume of 37019 shares. The stock had previously closed at $43.20.

Wall Street Analyst Weigh In

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

Forte Biosciences Stock Down 2.3%

The firm’s 50 day simple moving average is $22.01 and its 200 day simple moving average is $26.46. The company has a market cap of $586.51 million, a price-to-earnings ratio of -9.06 and a beta of 2.85.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC bought a new position in shares of Forte Biosciences in the fourth quarter worth $27,000. Bank of America Corp DE raised its stake in shares of Forte Biosciences by 5,641.8% during the third quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after purchasing an additional 3,103 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of Forte Biosciences during the third quarter valued at about $161,000. Jane Street Group LLC acquired a new stake in Forte Biosciences in the fourth quarter worth about $228,000. Finally, Citadel Advisors LLC bought a new position in Forte Biosciences in the 3rd quarter valued at about $234,000. 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.