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

Forte Biosciences, Inc. (NASDAQ:FBRX) saw unusually-high trading volume on Wednesday . Approximately 4,219,902 shares traded hands during trading, an increase of 581% from the previous session’s volume of 619,556 shares.The stock last traded at $76.9250 and had previously closed at $76.88.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. TD Cowen cut shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Brookline Capital Markets downgraded Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Weiss Ratings upgraded Forte Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 14th. Wall Street Zen cut shares of 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 objective on shares of Forte Biosciences in a research report on Monday, July 27th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $71.67.

Forte Biosciences Price Performance

The company has a 50-day simple moving average of $48.07 and a 200-day simple moving average of $34.09. The firm has a market cap of $1.07 billion, a PE ratio of -16.54 and a beta of 2.62.

Forte Biosciences (NASDAQ:FBRX) last issued its earnings results on Tuesday, August 11th. The company reported ($0.97) EPS for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.03. As a group, equities research analysts predict that Forte Biosciences, Inc. will post -4.27 earnings per share for the current year.

Institutional Investors Weigh In On Forte Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC acquired a new stake in shares of Forte Biosciences during the 4th quarter valued at about $27,000. Bank of America Corp DE grew its holdings 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 worth $47,000 after buying an additional 3,103 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Forte Biosciences in the fourth quarter valued at approximately $228,000. Persistent Asset Partners Ltd purchased a new stake in Forte Biosciences in the 4th quarter valued at $277,000. Finally, Alps Advisors Inc. purchased a new stake in shares of Forte Biosciences in the fourth quarter valued at about $281,000. 77.63% of the stock is owned by institutional investors and hedge funds.

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.