Short Interest in Forte Biosciences, Inc. (NASDAQ:FBRX) Grows By 267.7%

Forte Biosciences, Inc. (NASDAQ:FBRX) saw a significant increase in short interest during the month of December. As of December 31st, there was short interest totaling 511,832 shares, an increase of 267.7% from the December 15th total of 139,200 shares. Currently, 4.3% of the company’s stock are sold short. Based on an average daily trading volume, of 217,950 shares, the short-interest ratio is currently 2.3 days. Based on an average daily trading volume, of 217,950 shares, the short-interest ratio is currently 2.3 days. Currently, 4.3% of the company’s stock are sold short.

Hedge Funds Weigh In On Forte Biosciences

Several institutional investors have recently bought and sold shares of FBRX. AlphaQuest LLC grew its holdings in Forte Biosciences by 300.7% during the second quarter. AlphaQuest LLC now owns 16,897 shares of the company’s stock valued at $218,000 after purchasing an additional 12,680 shares during the period. Envestnet Asset Management Inc. bought a new position in shares of Forte Biosciences during the 2nd quarter worth $244,000. Tybourne Capital Management HK Ltd. increased its holdings in Forte Biosciences by 26.9% in the 2nd quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock worth $10,171,000 after acquiring an additional 166,666 shares during the last quarter. Geode Capital Management LLC raised its stake in Forte Biosciences by 6.7% in the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock valued at $829,000 after acquiring an additional 4,028 shares during the period. Finally, Federated Hermes Inc. purchased a new stake in Forte Biosciences during the second quarter valued at about $13,864,000. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Wall Street Zen cut Forte Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Chardan Capital reiterated a “buy” rating and issued a $61.00 target price on shares of Forte Biosciences in a report on Monday, November 17th. Evercore ISI initiated coverage on shares of Forte Biosciences in a report on Tuesday, November 25th. They set an “outperform” rating and a $65.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Forte Biosciences in a research note on Monday, December 29th. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Forte Biosciences Price Performance

NASDAQ FBRX opened at $32.09 on Thursday. The business’s fifty day moving average is $21.83 and its 200-day moving average is $15.45. The stock has a market capitalization of $402.09 million, a price-to-earnings ratio of -9.67 and a beta of 3.22. Forte Biosciences has a one year low of $4.90 and a one year high of $34.19.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.99) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.05. Research analysts expect that Forte Biosciences will post -12.12 EPS for the current fiscal year.

Forte Biosciences Company Profile

Forte Biosciences, Inc is a clinical-stage biotechnology company focused on developing innovative treatments to restore skin health by targeting the underlying biology of the skin barrier and microbiome. Headquartered in San Diego, California, Forte leverages proprietary platforms to discover and advance topical live biotherapeutic products and skin barrier therapies aimed at addressing serious dermatological conditions.

The company’s lead product candidate, FB-401, is a topical live biotherapeutic formulation designed to rebalance the skin microbiome in patients with atopic dermatitis.