SCHEDULE: Affinity Asset Advisors Reduces Forte Biosciences Stake
Beneficial Ownership Report
Affinity Asset Advisors and Michael Cho report a reduced beneficial ownership stake in Forte Biosciences, Inc. to 6.7%.
Summary
- Affinity Asset Advisors, LLC and Michael Cho (the "Reporting Persons") have filed an Amendment No. 1 to Schedule 13G regarding their beneficial ownership in Forte Biosciences, Inc.
- As of the date of filing (January 29, 2026), the Reporting Persons beneficially own an aggregate of 834,964 shares of Forte Biosciences, Inc. Common Stock.
- This represents approximately 6.7% of the Issuer's Common Stock outstanding.
- The beneficial ownership includes 812,564 shares directly held by Affinity Healthcare Fund, LP, and listed call options exercisable to purchase an additional 22,400 shares.
- Affinity Asset Advisors, LLC, a Delaware limited liability company, acts as the investment manager for the Fund, exercising voting and investment power.
- Michael Cho, a U.S. citizen, is the managing member of Affinity Asset Advisors, LLC.
- The percentage is based on 12,526,935 shares of Common Stock outstanding as of November 7, 2025, as reported in the Issuer's Form 10-Q filed on November 14, 2025.
- The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the Issuer.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this filing as neutral in sentiment, as it is a factual report of a change in beneficial ownership. While the stake decreased, the filing itself does not provide operational or financial performance details of the issuer.
Negatives
- The beneficial ownership stake of Affinity Asset Advisors, LLC and Michael Cho in Forte Biosciences, Inc. has decreased from approximately 8.1% as of December 31, 2025, to 6.7% as of the date of filing.
Future Outlook
NA
Industry Context
StockSavvy.ai notes that Schedule 13G filings are routine disclosures by institutional investors or groups that acquire more than 5% of a company's stock, indicating passive investment intent. A reduction in a significant institutional stake, as seen here, can sometimes signal a shift in an investor's conviction or portfolio rebalancing, which market participants often monitor for potential implications for the stock.
Stakeholder Impact
- Shareholders: A reduction in institutional ownership could be interpreted by other shareholders as a signal of decreased confidence, potentially influencing trading decisions.
- Company Management: Management may monitor significant ownership changes to understand shifts in their investor base and potential implications for shareholder relations.
Key Dates
| Date | Description |
|---|---|
| 2025-11-07 | Date as of which 12,526,935 shares of Common Stock of Forte Biosciences, Inc. were outstanding, as reported in the Issuer's Form 10-Q. |
| 2025-11-14 | Date Forte Biosciences, Inc. filed its Form 10-Q with the SEC. |
| 2025-12-31 | Date as of which the Fund and the Adviser beneficially owned 1,011,890 shares (8.1%) of Common Stock, including call options. |
| 2026-01-22 | Date of event which required the filing of this Schedule 13G Amendment No. 1. |
| 2026-01-29 | Date of filing of this Schedule 13G Amendment No. 1. |
Keywords
Forte Biosciences, FBRX, Affinity Asset Advisors, Michael Cho, Schedule 13G, Beneficial Ownership, Institutional Investor, Equity Stake
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