Orbimed Advisors LLC Takes $13.63 Million Position in Forte Biosciences, Inc. (NASDAQ:FBRX)

Orbimed Advisors LLC bought a new position in shares of Forte Biosciences, Inc. (NASDAQ:FBRX) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 600,000 shares of the company’s stock, valued at approximately $13,626,000. Orbimed Advisors LLC owned approximately 9.39% of Forte Biosciences as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its holdings in shares of Forte Biosciences by 70,000.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company’s stock valued at $48,000 after buying an additional 2,100 shares during the period. Geode Capital Management LLC lifted its position in Forte Biosciences by 18.3% in the 4th quarter. Geode Capital Management LLC now owns 16,877 shares of the company’s stock valued at $383,000 after acquiring an additional 2,607 shares in the last quarter. Boothbay Fund Management LLC acquired a new position in Forte Biosciences in the 4th quarter worth $2,026,000. Acuta Capital Partners LLC acquired a new position in Forte Biosciences in the 4th quarter worth $412,000. Finally, BVF Inc. IL increased its holdings in Forte Biosciences by 398.2% during the 4th quarter. BVF Inc. IL now owns 594,282 shares of the company’s stock worth $13,496,000 after purchasing an additional 475,000 shares in the last quarter. 77.63% of the stock is currently owned by institutional investors and hedge funds.

Forte Biosciences Stock Performance

Shares of NASDAQ FBRX opened at $6.28 on Tuesday. The stock has a 50 day moving average price of $6.61 and a 200 day moving average price of $11.84. The stock has a market capitalization of $41.34 million, a PE ratio of -0.39 and a beta of 2.82. Forte Biosciences, Inc. has a 52 week low of $4.11 and a 52 week high of $28.68.

Analyst Ratings Changes

A number of analysts have recently commented on FBRX shares. Chardan Capital cut their price target on Forte Biosciences from $64.00 to $61.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. TD Cowen initiated coverage on Forte Biosciences in a research note on Tuesday, January 21st. They issued a “buy” rating on the stock.

Forte Biosciences Profile

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.