Forte Biosciences (NASDAQ:FBRX) Releases Earnings Results, Misses Estimates By $0.09 EPS

Forte Biosciences (NASDAQ:FBRX) issued its earnings results on Wednesday. The company reported ($0.97) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.09), FiscalAI reports.

Forte Biosciences Price Performance

Shares of Forte Biosciences stock traded down $0.09 during midday trading on Wednesday, hitting $76.78. 1,915,118 shares of the company were exchanged, compared to its average volume of 600,512. The firm has a market cap of $1.07 billion, a P/E ratio of -16.55 and a beta of 2.62. Forte Biosciences has a 52 week low of $9.91 and a 52 week high of $77.20. The firm has a 50 day simple moving average of $39.65 and a 200-day simple moving average of $31.86.

Institutional Trading of Forte Biosciences

A number of large investors have recently bought and sold shares of the stock. Global Retirement Partners LLC bought a new position in shares of Forte Biosciences during the fourth quarter valued at $27,000. Bank of America Corp DE boosted its position in 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 valued at $47,000 after buying an additional 3,103 shares in the last quarter. Dimensional Fund Advisors LP acquired a new position in Forte Biosciences in the third quarter valued at about $161,000. Jane Street Group LLC bought a new stake in Forte Biosciences during the fourth quarter worth about $228,000. Finally, Citadel Advisors LLC bought a new stake in Forte Biosciences during the third quarter worth about $234,000. 77.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on FBRX. Barclays downgraded shares of Forte Biosciences from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $74.00 to $77.00 in a research note on Tuesday, July 28th. TD Cowen downgraded shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Wall Street Zen downgraded shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. Weiss Ratings lowered shares of Forte Biosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. Finally, Evercore set a $77.00 target price on shares of Forte Biosciences in a research note on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $72.50.

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.