Federated Hermes Inc. Buys New Shares in Forte Biosciences, Inc. $FBRX

Federated Hermes Inc. purchased a new position in shares of Forte Biosciences, Inc. (NASDAQ:FBRX) in the second quarter, according to its most recent filing with the SEC. The firm purchased 1,072,233 shares of the company’s stock, valued at approximately $13,864,000. Federated Hermes Inc. owned 16.30% of Forte Biosciences at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. AlphaQuest LLC bought a new stake in shares of Forte Biosciences during the 1st quarter valued at about $33,000. Envestnet Asset Management Inc. acquired a new position in Forte Biosciences in the second quarter valued at approximately $244,000. Geode Capital Management LLC boosted its holdings in shares of Forte Biosciences by 6.7% during the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock worth $829,000 after buying an additional 4,028 shares in the last quarter. Finally, Tybourne Capital Management HK Ltd. grew its position in shares of Forte Biosciences by 26.9% during the 2nd quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock worth $10,171,000 after buying an additional 166,666 shares during the period. 77.63% of the stock is owned by institutional investors.

Forte Biosciences Price Performance

Shares of NASDAQ FBRX opened at $20.25 on Thursday. The company has a 50-day moving average price of $15.27 and a 200-day moving average price of $12.85. The stock has a market capitalization of $253.73 million, a P/E ratio of -6.10 and a beta of 3.26. Forte Biosciences, Inc. has a 1 year low of $4.90 and a 1 year high of $25.97.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.99) earnings per share for the quarter, beating the consensus estimate of ($1.04) by $0.05. As a group, equities research analysts anticipate that Forte Biosciences, Inc. will post -12.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on FBRX shares. Evercore ISI assumed coverage on shares of Forte Biosciences in a research note on Tuesday, November 25th. They set an “outperform” rating and a $65.00 target price on the stock. Guggenheim assumed coverage on shares of Forte Biosciences in a report on Monday, August 18th. They set a “buy” rating and a $75.00 price objective on the stock. Chardan Capital reissued a “buy” rating and set a $61.00 price objective on shares of Forte Biosciences in a research report on Monday, November 17th. Wall Street Zen lowered Forte Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a report on Monday. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Forte Biosciences Company Profile

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.