Janus Henderson Group PLC Cuts Stock Position in Forte Biosciences, Inc. $FBRX

Janus Henderson Group PLC cut its holdings in shares of Forte Biosciences, Inc. (NASDAQ:FBRX) by 16.7% during the first quarter, Holdings Channel.com reports. The fund owned 1,188,060 shares of the company’s stock after selling 237,725 shares during the period. Janus Henderson Group PLC owned 0.09% of Forte Biosciences worth $30,812,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in FBRX. Candriam S.C.A. bought a new position 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 during the fourth quarter worth about $1,091,000. Geode Capital Management LLC raised its stake in Forte Biosciences by 15.0% during the 4th quarter. Geode Capital Management LLC now owns 124,609 shares of the company’s stock valued at $3,400,000 after purchasing an additional 16,291 shares during the period. Global Retirement Partners LLC bought a new stake in Forte Biosciences during the 4th quarter valued at approximately $27,000. Finally, Millennium Management LLC raised its stake in Forte Biosciences by 66.1% during the 3rd quarter. Millennium Management LLC now owns 119,812 shares of the company’s stock valued at $1,797,000 after purchasing an additional 47,696 shares during the period. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Forte Biosciences Stock Performance

FBRX opened at $76.60 on Monday. The stock has a 50-day moving average of $31.75 and a 200 day moving average of $29.67. Forte Biosciences, Inc. has a 12 month low of $9.10 and a 12 month high of $77.20. The firm has a market cap of $1.06 billion, a P/E ratio of -16.51 and a beta of 2.85.

Forte Biosciences (NASDAQ:FBRX) last issued 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). On average, research analysts forecast that Forte Biosciences, Inc. will post -4.27 earnings per share for the current fiscal year.

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.