Candriam S.C.A. Acquires New Holdings in Forte Biosciences, Inc. $FBRX

Candriam S.C.A. acquired a new position in Forte Biosciences, Inc. (NASDAQ:FBRX) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 84,803 shares of the company’s stock, valued at approximately $2,196,000. Candriam S.C.A. owned approximately 0.61% of Forte Biosciences as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FBRX. Global Retirement Partners LLC bought a new position in shares of Forte Biosciences in the 4th quarter worth $27,000. Bank of America Corp DE boosted its position in 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 in the last quarter. Jane Street Group LLC purchased a new position in Forte Biosciences in the fourth quarter valued at about $228,000. Persistent Asset Partners Ltd purchased a new position in Forte Biosciences in the fourth quarter valued at about $277,000. Finally, Alps Advisors Inc. purchased a new position in Forte Biosciences in the fourth quarter valued at about $281,000. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Analyst Upgrades and Downgrades

FBRX has been the subject of several analyst reports. Wall Street Zen raised shares of Forte Biosciences from a “strong sell” rating to a “sell” rating in a research report on Sunday. Weiss Ratings restated a “sell (d-)” rating on shares of Forte Biosciences in a report on Wednesday, July 8th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $67.00.

Forte Biosciences Price Performance

Forte Biosciences stock opened at $43.20 on Wednesday. Forte Biosciences, Inc. has a 1-year low of $9.10 and a 1-year high of $45.36. The business has a fifty day moving average price of $22.01 and a 200-day moving average price of $26.46. The stock has a market capitalization of $600.05 million, a price-to-earnings ratio of -9.31 and a beta of 2.85.

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

Forte Biosciences 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.