Forte Biosciences (NASDAQ:FBRX) Announces Quarterly Earnings Results

Forte Biosciences (NASDAQ:FBRX) posted its earnings results on Monday. The company reported ($1.24) EPS for the quarter, FiscalAI reports.

Forte Biosciences Stock Up 8.2%

Forte Biosciences stock opened at $26.00 on Tuesday. The business has a 50-day simple moving average of $28.07 and a two-hundred day simple moving average of $25.26. The company has a market cap of $361.14 million, a P/E ratio of -5.45 and a beta of 3.01. Forte Biosciences has a 52-week low of $6.20 and a 52-week high of $35.80.

Institutional Investors Weigh In On Forte Biosciences

A number of hedge funds have recently modified their holdings of the business. Candriam S.C.A. bought a new stake in shares of Forte Biosciences during the 1st quarter valued at $2,196,000. Quadrature Capital Ltd bought a new stake in shares of Forte Biosciences during the 4th quarter valued at $479,000. Millennium Management LLC grew its position in shares of Forte Biosciences by 105.9% during 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 grew its position 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 during the period. Finally, 683 Capital Management LLC bought a new position in shares of Forte Biosciences during the 4th quarter valued at approximately $1,091,000. Institutional investors own 77.63% of the company’s stock.

Wall Street Analysts Forecast Growth

FBRX has been the subject of a number of research analyst reports. Wall Street Zen downgraded shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a research report on Sunday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forte Biosciences in a research report on Friday, March 27th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

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.