Forte Biosciences (NASDAQ:FBRX) Hits New 52-Week High – Time to Buy?

Forte Biosciences, Inc. (NASDAQ:FBRX)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $52.15 and last traded at $47.49, with a volume of 602220 shares. The stock had previously closed at $48.86.

Analyst Ratings Changes

FBRX has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Forte Biosciences in a research report on Wednesday, July 8th. Wall Street Zen upgraded Forte Biosciences from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Finally, Barclays initiated coverage on shares of Forte Biosciences in a research report on Tuesday. They set an “overweight” rating and a $74.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.75.

Forte Biosciences Price Performance

The firm has a market cap of $786.59 million, a price-to-earnings ratio of -12.20 and a beta of 2.85. The business has a fifty day simple moving average of $24.84 and a 200 day simple moving average of $27.38.

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

Hedge Funds Weigh In On Forte Biosciences

Institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new stake in Forte Biosciences in the fourth quarter valued at $27,000. Bank of America Corp DE increased its holdings in shares of Forte Biosciences by 5,641.8% in the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after acquiring an additional 3,103 shares during the period. Dimensional Fund Advisors LP purchased a new position in Forte Biosciences during the 3rd quarter worth $161,000. Jane Street Group LLC purchased a new position in Forte Biosciences during the 4th quarter worth $228,000. Finally, Citadel Advisors LLC acquired a new position in Forte Biosciences in the third quarter valued at $234,000. 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.