Forte Biosciences (NASDAQ:FBRX) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

by · The Markets Daily

Forte Biosciences (NASDAQ:FBRX – Get Free Report) issued its quarterly earnings data on Friday. The company reported ($0.99) EPS for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.05, Zacks reports.

Forte Biosciences Stock Performance

Forte Biosciences stock traded up $0.24 during midday trading on Friday, reaching $14.08. 44,996 shares of the company’s stock were exchanged, compared to its average volume of 90,655. Forte Biosciences has a 52 week low of $4.90 and a 52 week high of $28.68. The firm has a market cap of $175.01 million, a price-to-earnings ratio of -2.05 and a beta of 2.98. The stock’s 50-day simple moving average is $13.11 and its 200 day simple moving average is $11.32.

Hedge Funds Weigh In On Forte Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FBRX. Dimensional Fund Advisors LP acquired a new stake in shares of Forte Biosciences during the 3rd quarter worth about $161,000. Envestnet Asset Management Inc. lifted its position in Forte Biosciences by 23.8% during the third quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company’s stock worth $350,000 after acquiring an additional 4,491 shares during the last quarter. Mink Brook Asset Management LLC bought a new stake in shares of Forte Biosciences during the second quarter worth approximately $503,000. Geode Capital Management LLC grew its position in shares of Forte Biosciences by 6.7% in the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock valued at $829,000 after purchasing an additional 4,028 shares during the last quarter. Finally, Perceptive Advisors LLC acquired a new stake in Forte Biosciences during the 2nd quarter worth approximately $882,000. 77.63% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forte Biosciences in a report on Friday, October 31st. Chardan Capital reaffirmed a “buy” rating and set a $61.00 price objective on shares of Forte Biosciences in a research report on Friday, August 15th. Guggenheim initiated coverage on Forte Biosciences in a research report on Monday, August 18th. They set a “buy” rating and a $75.00 price target for the company. Finally, Wall Street Zen downgraded shares of Forte Biosciences from a “hold” rating to a “sell” rating in a report on Saturday. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $68.00.

View Our Latest Stock Analysis on Forte Biosciences

Forte Biosciences Company Profile

(Get Free Report)

Forte Biosciences, Inc operates as a biopharmaceutical company in the United States. The company is developing FB-102 program that addresses various autoimmune diseases, such as graft-versus-host disease, and vitiligo and alopecia areata. Forte Biosciences, Inc is headquartered in Dallas, Texas.

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