Wellington Management Group LLP Boosts Position in Forte Biosciences, Inc. $FBRX

Wellington Management Group LLP raised its holdings in shares of Forte Biosciences, Inc. (NASDAQ:FBRX) by 49.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 44,156 shares of the company’s stock after buying an additional 14,665 shares during the quarter. Wellington Management Group LLP’s holdings in Forte Biosciences were worth $938,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. AWM Investment Company Inc. acquired a new stake in shares of Forte Biosciences in the second quarter worth $4,728,000. Stempoint Capital LP purchased a new position in shares of Forte Biosciences during the first quarter worth $1,503,000. Candriam S.C.A. acquired a new position in Forte Biosciences during the first quarter valued at $2,196,000. 683 Capital Management LLC acquired a new position in Forte Biosciences during the fourth quarter valued at $1,091,000. Finally, Bank of America Corp DE boosted its holdings in Forte Biosciences by 444.0% in the first quarter. Bank of America Corp DE now owns 21,606 shares of the company’s stock valued at $560,000 after purchasing an additional 17,634 shares during the last quarter. 77.63% of the stock is owned by hedge funds and other institutional investors.

Forte Biosciences Stock Performance

Shares of NASDAQ FBRX opened at $76.99 on Friday. The company has a market capitalization of $1.63 billion, a PE ratio of -16.56 and a beta of 2.62. The company’s fifty day moving average price is $66.57 and its 200 day moving average price is $39.26. Forte Biosciences, Inc. has a 1 year low of $10.11 and a 1 year high of $77.20.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.97) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.03. On average, equities analysts expect that Forte Biosciences, Inc. will post -4.27 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FBRX. Barclays downgraded Forte Biosciences from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $74.00 to $77.00 in a research report on Tuesday, July 28th. Brookline Capital Markets downgraded Forte Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Wall Street Zen raised Forte Biosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, August 29th. Evercore set a $77.00 price target on Forte Biosciences in a research report on Monday, July 27th. Finally, TD Cowen downgraded Forte Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $71.67.

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.