Forte Biosciences (NASDAQ:FBRX) Sees Strong Trading Volume – Here’s Why

Forte Biosciences, Inc. (NASDAQ:FBRX) shares saw an uptick in trading volume on Tuesday . 393,147 shares traded hands during mid-day trading, a decline of 20% from the previous session’s volume of 492,296 shares.The stock last traded at $76.6290 and had previously closed at $76.50.

Trending Headlines about Forte Biosciences

Here are the key news stories impacting Forte Biosciences this week:

• Positive Sentiment: argenx will acquire all outstanding Forte Biosciences shares for $77 per share in cash, representing roughly a 41% premium to Forte’s prior closing price. The transaction provides shareholders with a substantial premium and a clear potential exit value. Argenx to buy Forte Biosciences for about $2.2 billion
• Positive Sentiment: argenx said the acquisition will add Forte’s experimental autoimmune therapy FB102 to its immunology portfolio, strengthening its pipeline and expertise in immune-mediated diseases. argenx boosts immuno expertise with buy of Forte Biosciences

Analysts Set New Price Targets

A number of equities analysts recently weighed in on FBRX shares. TD Cowen lowered shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday. Evercore set a $77.00 price objective on Forte Biosciences in a research report on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a report on Wednesday, July 8th. Barclays lowered Forte Biosciences from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $74.00 to $77.00 in a research report on Tuesday. Finally, Wall Street Zen downgraded Forte Biosciences from a “sell” rating to a “strong sell” rating in a research report on Saturday. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Forte Biosciences has a consensus rating of “Hold” and a consensus price target of $72.50.

Forte Biosciences Stock Up 0.1%

The company has a market capitalization of $1.06 billion, a P/E ratio of -16.50 and a beta of 2.85. The company’s fifty day moving average price is $27.30 and its 200 day moving average price is $28.24.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings data on Monday, May 11th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.08). Research 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

Institutional investors and hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC bought a new position in Forte Biosciences in the 4th quarter valued at approximately $27,000. Bank of America Corp DE increased its position in Forte Biosciences by 5,641.8% in the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after acquiring an additional 3,103 shares during the period. Dimensional Fund Advisors LP bought a new position in shares of Forte Biosciences during the third quarter valued at $161,000. Jane Street Group LLC acquired a new position in shares of Forte Biosciences during the fourth quarter worth $228,000. Finally, Citadel Advisors LLC bought a new stake in shares of Forte Biosciences in the third quarter worth $234,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

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.