Tybourne Capital Increases Stake in Forte Biosciences to $10.17 Million

Tybourne Capital Management HK Ltd. has significantly increased its investment in Forte Biosciences, Inc., boosting its stock position by 26.9% during the second quarter of the fiscal year. According to the company’s recent 13F filing with the Securities and Exchange Commission (SEC), Tybourne now owns 786,647 shares of Forte, following the acquisition of an additional 166,666 shares in the period.

Forte Biosciences now represents 29.4% of Tybourne’s overall portfolio, making it the largest position held by the institutional investor. As of the latest filing, Tybourne Capital’s stake in Forte is valued at approximately $10.17 million, equating to about 11.95% of the company’s total shares outstanding.

In a related move, Envestnet Asset Management Inc. also established a new position in Forte Biosciences during the second quarter, investing around $244,000. Collectively, institutional investors and hedge funds own roughly 77.63% of Forte’s stock, indicating strong institutional support for the company.

Analyst Ratings and Stock Performance

Forte Biosciences has recently been the focus of various research reports, reflecting differing perspectives among analysts. On October 18, 2023, Wall Street Zen downgraded the stock from a “hold” rating to a “sell” rating. Conversely, Chardan Capital reaffirmed a “buy” rating on August 15, 2023, with a price target of $61.00. Meanwhile, Weiss Ratings maintained a “sell (d-)” rating on October 8, 2023. Guggenheim also began coverage with a “buy” rating and a target price of $75.00.

Currently, three analysts have assigned a “buy” rating to Forte Biosciences, while one has given it a “sell” rating. According to data from MarketBeat.com, the consensus rating for Forte Biosciences stands at “Moderate Buy,” with an average price target of $68.00.

Forte’s shares opened at $12.11 on a recent trading day, reflecting a 0.5% increase. Over the past year, the stock has experienced considerable volatility, with a 12-month low of $4.11 and a high of $28.68. The company’s market capitalization is currently reported at $150.53 million, with a price-to-earnings (P/E) ratio of -1.76 and a beta of 3.03. The 50-day moving average sits at $12.63, while the 200-day moving average is $10.69.

Company Overview and Future Prospects

Forte Biosciences, Inc., headquartered in Dallas, Texas, operates as a biopharmaceutical company focused on developing therapies for autoimmune diseases. Its flagship program, FB-102, aims to address conditions such as graft-versus-host disease, vitiligo, and alopecia areata.

In its most recent earnings announcement on August 14, 2023, Forte reported an earnings per share (EPS) of ($0.96), exceeding analysts’ expectations of ($1.21) by $0.25. Analysts anticipate that Forte will report an EPS of -12.12 for the current fiscal year.

For those interested in tracking the latest activity regarding Forte Biosciences, detailed information on 13F filings and insider trades can be accessed at HoldingsChannel.com. Additionally, MarketBeat.com offers a daily email newsletter summarizing news and ratings for Forte Biosciences and related companies.