Forte Biosciences (NASDAQ:FBRX) Sees Unusually-High Trading Volume – Here’s Why

Forte Biosciences, Inc. (NASDAQ:FBRX) saw an uptick in trading volume on Wednesday . 4,219,902 shares changed hands during trading, an increase of 581% from the previous session’s volume of 619,556 shares.The stock last traded at $76.9250 and had previously closed at $76.88.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FBRX. Barclays cut shares of Forte Biosciences from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $74.00 to $77.00 in a research report on Tuesday, July 28th. Evercore set a $77.00 price objective on shares of Forte Biosciences in a research report on Monday, July 27th. TD Cowen downgraded shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Brookline Capital Markets lowered Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Finally, Weiss Ratings upgraded shares of Forte Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $71.67.

Forte Biosciences Stock Up 0.1%

The company has a market capitalization of $1.07 billion, a PE ratio of -16.55 and a beta of 2.60. The business has a 50 day simple moving average of $45.68 and a 200 day simple moving average of $33.42.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.97) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.00) by $0.03. Equities analysts expect that Forte Biosciences, Inc. will post -4.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Forte Biosciences

Hedge funds have recently made changes to their positions in the company. Stempoint Capital LP acquired a new stake in Forte Biosciences during the 1st quarter worth about $1,503,000. Candriam S.C.A. purchased a new stake in shares of Forte Biosciences in the first quarter worth about $2,196,000. 683 Capital Management LLC purchased a new stake in shares of Forte Biosciences in the fourth quarter worth about $1,091,000. Royal Bank of Canada grew its holdings in Forte Biosciences by 11.7% during the first quarter. Royal Bank of Canada now owns 13,389 shares of the company’s stock worth $346,000 after acquiring an additional 1,403 shares during the period. Finally, Persistent Asset Partners Ltd acquired a new stake in Forte Biosciences during the fourth quarter worth about $277,000. 77.63% of the stock is owned by institutional investors and hedge funds.

Forte Biosciences Company 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.