Forte Biosciences (NASDAQ:FBRX) Issues Quarterly Earnings Results

Forte Biosciences (NASDAQ:FBRX) issued its quarterly earnings results on Friday. The company reported ($0.99) EPS for the quarter, topping the consensus estimate of ($1.04) by $0.05, Zacks reports.

Forte Biosciences Stock Up 1.7%

FBRX traded up $0.24 during trading on Friday, hitting $14.08. The company’s stock had a trading volume of 44,996 shares, compared to its average volume of 90,655. The firm has a market capitalization of $175.01 million, a P/E ratio of -2.05 and a beta of 2.98. Forte Biosciences has a twelve month low of $4.90 and a twelve month high of $28.68. The stock’s fifty day moving average price is $13.11 and its 200-day moving average price is $11.32.

Institutional Investors Weigh In On Forte Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of FBRX. Dimensional Fund Advisors LP purchased a new position in Forte Biosciences during the third quarter worth about $161,000. Envestnet Asset Management Inc. boosted its stake in shares of Forte Biosciences by 23.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company’s stock worth $350,000 after buying an additional 4,491 shares during the last quarter. Mink Brook Asset Management LLC bought a new position in shares of Forte Biosciences in the second quarter valued at approximately $503,000. Geode Capital Management LLC increased its position in shares of Forte Biosciences by 6.7% during the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock valued at $829,000 after acquiring an additional 4,028 shares during the last quarter. Finally, Perceptive Advisors LLC purchased a new stake in shares of Forte Biosciences during the second quarter valued at approximately $882,000. 77.63% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on FBRX. Chardan Capital reaffirmed a “buy” rating and issued a $61.00 target price on shares of Forte Biosciences in a research report on Friday, August 15th. Guggenheim assumed coverage on Forte Biosciences in a report on Monday, August 18th. They issued a “buy” rating and a $75.00 price objective on the stock. Wall Street Zen downgraded Forte Biosciences from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Forte Biosciences in a research note on Friday, October 31st. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $68.00.

About Forte Biosciences

Forte Biosciences, Inc operates as a biopharmaceutical company in the United States. The company is developing FB-102 program that addresses various autoimmune diseases, such as graft-versus-host disease, and vitiligo and alopecia areata. Forte Biosciences, Inc is headquartered in Dallas, Texas.