Forte Biosciences (NASDAQ:FBRX) Trading Down 5.1% – Here’s What Happened

Forte Biosciences, Inc. (NASDAQ:FBRX) traded down 5.1% during mid-day trading on Monday . The stock traded as low as $15.51 and last traded at $15.67. 248,772 shares were traded during mid-day trading, an increase of 1% from the average session volume of 246,781 shares. The stock had previously closed at $16.52.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Forte Biosciences from a “strong sell” rating to a “sell” rating in a research report on Monday, May 18th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forte Biosciences in a research report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Forte Biosciences presently has an average rating of “Moderate Buy” and an average price target of $67.00.

Forte Biosciences Stock Down 5.1%

The company’s 50-day moving average price is $25.23 and its 200-day moving average price is $26.29. The firm has a market cap of $217.66 million, a price-to-earnings ratio of -3.38 and a beta of 2.87.

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 the consensus estimate of ($1.16) by ($0.08). Analysts predict that Forte Biosciences, Inc. will post -4.27 earnings per share for the current fiscal year.

Hedge Funds 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 position in shares of Forte Biosciences in the fourth quarter worth about $27,000. Bank of America Corp DE lifted its stake in shares of Forte Biosciences by 5,641.8% in the third quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock worth $47,000 after buying an additional 3,103 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Forte Biosciences in the fourth quarter worth about $228,000. Persistent Asset Partners Ltd purchased a new position in shares of Forte Biosciences in the fourth quarter worth about $277,000. Finally, Alps Advisors Inc. purchased a new position in shares of Forte Biosciences in the fourth quarter worth about $281,000. 77.63% of the stock is 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.