FibroBiologics Inc. (NASDAQ:FBLG) Stock Short Interest Declines 36.7%

FibroBiologics Inc. (NASDAQ:FBLG) was the recipient of a large drop in short interest in October. As of October 15th, there was short interest totaling 330,551 shares, a drop of 36.7% from the September 30th total of 522,114 shares. Approximately 5.4% of the company’s stock are short sold. Based on an average daily volume of 140,541 shares, the days-to-cover ratio is currently 2.4 days.

Hedge Funds Weigh In On FibroBiologics

An institutional investor recently bought a new stake in FibroBiologics stock. IFP Advisors Inc purchased a new position in shares of FibroBiologics Inc. (NASDAQ:FBLG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 27,000 shares of the company’s stock, valued at approximately $35,000. IFP Advisors Inc owned approximately 0.41% of FibroBiologics as of its most recent filing with the Securities and Exchange Commission (SEC).

Analyst Ratings Changes

Several research analysts recently issued reports on FBLG shares. Deutsche Bank Aktiengesellschaft lowered FibroBiologics to an “underperform” rating in a research report on Tuesday, August 4th. Wall Street Zen raised FibroBiologics to a “hold” rating in a research report on Saturday, October 10th. HC Wainwright reiterated a “buy” rating and set a $6.00 price target (down from $8.00) on shares of FibroBiologics in a research note on Tuesday, August 4th. Finally, Weiss Ratings upgraded FibroBiologics from a “sell (e)” rating to a “sell (e+)” rating in a research note on Friday, September 4th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, FibroBiologics currently has an average rating of “Reduce” and an average price target of $73.00.

FibroBiologics Trading Up 1.7%

Shares of FibroBiologics stock opened at $0.95 on Tuesday. FibroBiologics has a twelve month low of $0.62 and a twelve month high of $9.60. The firm has a market capitalization of $6.30 million, a PE ratio of -0.18 and a beta of 1.72. The firm’s 50-day moving average price is $1.30 and its 200 day moving average price is $2.40.

FibroBiologics (NASDAQ:FBLG) last posted its quarterly earnings data on Friday, July 31st. The company reported ($0.66) EPS for the quarter, topping the consensus estimate of ($0.93) by $0.27. On average, sell-side analysts predict that FibroBiologics will post -3.00 EPS for the current fiscal year.

About FibroBiologics

FibroBiologics, Inc is a clinical-stage biotechnology company developing cell-based therapies for chronic diseases. Its research focuses on fibroblasts, connective-tissue cells that may support tissue repair and influence immune-system activity, as well as biologically active materials derived from these cells.

The company is developing a platform that includes fibroblast-based cell therapies and fibroblast-derived extracellular vesicles. These potential treatments are intended to address conditions involving chronic inflammation, immune dysfunction, and tissue damage.