Forte Biosciences (NASDAQ:FBRX) Issues Quarterly Earnings Results

Forte Biosciences (NASDAQ:FBRX) issued its earnings results on Tuesday. The company reported ($1.45) earnings per share for the quarter, missing the consensus estimate of ($1.42) by ($0.03), FiscalAI reports.

Forte Biosciences Price Performance

Shares of Forte Biosciences stock traded down $0.42 during trading on Tuesday, hitting $25.90. The stock had a trading volume of 267,225 shares, compared to its average volume of 224,809. Forte Biosciences has a 12 month low of $4.90 and a 12 month high of $35.62. The firm’s fifty day simple moving average is $29.10 and its 200-day simple moving average is $22.42. The stock has a market cap of $324.53 million, a PE ratio of -7.80 and a beta of 3.24.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Forte Biosciences in a report on Friday. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Institutional Investors Weigh In On Forte Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC purchased a new stake in Forte Biosciences in the fourth quarter worth $27,000. Bank of America Corp DE boosted 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 during the period. Dimensional Fund Advisors LP purchased a new stake in shares of Forte Biosciences during the third quarter valued at $161,000. Jane Street Group LLC bought a new position in shares of Forte Biosciences in the fourth quarter worth about $228,000. Finally, Citadel Advisors LLC bought a new position in shares of Forte Biosciences in the third quarter worth about $234,000. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

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.