Federated Hermes Inc. Acquires 563,147 Shares of Forte Biosciences, Inc. $FBRX

Federated Hermes Inc. boosted its holdings in Forte Biosciences, Inc. (NASDAQ:FBRX) by 52.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,635,380 shares of the company’s stock after purchasing an additional 563,147 shares during the quarter. Federated Hermes Inc. owned approximately 0.13% of Forte Biosciences worth $24,531,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Orbimed Advisors LLC raised its position in shares of Forte Biosciences by 101.8% during the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after buying an additional 603,867 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in Forte Biosciences in the 2nd quarter valued at $4,310,000. Cable Car Capital LP increased its holdings in Forte Biosciences by 127.7% in the 2nd quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock valued at $6,465,000 after acquiring an additional 280,396 shares during the last quarter. Tybourne Capital Management HK Ltd. boosted its holdings in shares of Forte Biosciences by 26.9% during the 2nd quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock valued at $10,171,000 after purchasing an additional 166,666 shares during the last quarter. Finally, Perceptive Advisors LLC purchased a new position in shares of Forte Biosciences during the second quarter valued at about $882,000. 77.63% of the stock is owned by hedge funds and other institutional investors.

Forte Biosciences Stock Performance

Shares of Forte Biosciences stock opened at $29.27 on Friday. The stock has a market cap of $366.67 million, a price-to-earnings ratio of -8.82 and a beta of 3.22. The stock has a 50 day moving average price of $25.79 and a 200-day moving average price of $17.04. Forte Biosciences, Inc. has a one year low of $4.90 and a one year high of $35.62.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings results on Friday, November 14th. The company reported ($0.99) earnings per share for the quarter, beating the consensus estimate of ($1.04) by $0.05. Sell-side analysts predict that Forte Biosciences, Inc. will post -12.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on FBRX shares. Chardan Capital reaffirmed a “buy” rating and issued a $61.00 target price on shares of Forte Biosciences in a report on Monday, November 17th. Wall Street Zen downgraded Forte Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Evercore ISI initiated coverage on Forte Biosciences in a report on Tuesday, November 25th. They set an “outperform” rating and a $65.00 price objective on the stock. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Forte Biosciences in a report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Forte Biosciences currently has an average rating of “Moderate Buy” and an average price target of $67.00.

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.