Forte Biosciences, Inc. (NASDAQ:FBRX) Expected to Earn FY2023 Earnings of ($0.58) Per Share

Forte Biosciences, Inc. (NASDAQ:FBRX) – Research analysts at Chardan Capital boosted their FY2023 earnings per share (EPS) estimates for Forte Biosciences in a research report issued to clients and investors on Tuesday, November 14th. Chardan Capital analyst D. Gataulin now anticipates that the company will earn ($0.58) per share for the year, up from their prior forecast of ($2.28). The consensus estimate for Forte Biosciences’ current full-year earnings is ($1.53) per share. Chardan Capital also issued estimates for Forte Biosciences’ FY2024 earnings at ($0.63) EPS.

Forte Biosciences Stock Performance

NASDAQ:FBRX opened at $0.39 on Friday. The stock’s fifty day moving average is $0.60 and its two-hundred day moving average is $0.85. Forte Biosciences has a 52 week low of $0.38 and a 52 week high of $1.29.

Forte Biosciences (NASDAQ:FBRX) last posted its earnings results on Monday, August 14th. The company reported ($0.42) earnings per share for the quarter.

Institutional Trading of Forte Biosciences

A number of large investors have recently made changes to their positions in FBRX. Fred Alger Management LLC purchased a new position in shares of Forte Biosciences during the 3rd quarter worth approximately $1,217,000. BML Capital Management LLC grew its holdings in Forte Biosciences by 1.5% in the third quarter. BML Capital Management LLC now owns 1,761,702 shares of the company’s stock valued at $1,166,000 after purchasing an additional 26,627 shares during the period. Vanguard Group Inc. grew its position in Forte Biosciences by 40.4% during the third quarter. Vanguard Group Inc. now owns 647,293 shares of the company’s stock valued at $692,000 after acquiring an additional 186,159 shares during the period. Renaissance Technologies LLC increased its position in Forte Biosciences by 105.0% during the 3rd quarter. Renaissance Technologies LLC now owns 444,129 shares of the company’s stock worth $475,000 after purchasing an additional 227,429 shares in the last quarter. Finally, Millennium Management LLC purchased a new position in shares of Forte Biosciences in the 2nd quarter valued at $77,000. 94.17% of the stock is owned by institutional investors and hedge funds.

About Forte Biosciences

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