Forte Biosciences (NASDAQ:FBRX) Sees Large Volume Increase – Here’s What Happened

Forte Biosciences, Inc. (NASDAQ:FBRX) saw strong trading volume on Tuesday . Approximately 508,813 shares traded hands during trading, a decline of 24% from the previous session’s volume of 671,589 shares.The stock last traded at $76.9650 and had previously closed at $76.95.

Analyst Ratings Changes

FBRX has been the subject of several analyst reports. Barclays downgraded shares of Forte Biosciences from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $74.00 to $77.00 in a research note on Tuesday, July 28th. Wall Street Zen downgraded shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 25th. TD Cowen lowered shares of Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Weiss Ratings raised shares of Forte Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 14th. Finally, Brookline Capital Markets downgraded Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $71.67.

Forte Biosciences Stock Up 0.0%

The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -16.55 and a beta of 2.60. The stock has a 50 day moving average of $50.43 and a 200 day moving average of $34.69.

Forte Biosciences (NASDAQ:FBRX) last announced 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. Analysts predict that Forte Biosciences, Inc. will post -4.27 earnings per share for the current year.

Institutional Investors Weigh In On Forte Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new stake in shares of Forte Biosciences during the 4th quarter valued at approximately $27,000. Bank of America Corp DE boosted its holdings 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 worth $47,000 after purchasing an additional 3,103 shares during the period. California State Teachers Retirement System acquired a new position in Forte Biosciences in the second quarter worth $121,000. Dimensional Fund Advisors LP bought a new stake in Forte Biosciences during the third quarter valued at $161,000. Finally, Jane Street Group LLC bought a new stake in Forte Biosciences during the fourth quarter valued at $228,000. 77.63% of the stock is owned by institutional investors and hedge funds.

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.