Forte Biosciences, Inc. (NASDAQ:FBRX) Sees Large Increase in Short Interest

Forte Biosciences, Inc. (NASDAQ:FBRX) was the target of a significant increase in short interest during the month of January. As of January 15th, there was short interest totaling 795,862 shares, an increase of 55.5% from the December 31st total of 511,832 shares. Based on an average daily volume of 201,898 shares, the short-interest ratio is currently 3.9 days. Approximately 6.8% of the shares of the company are short sold. Approximately 6.8% of the shares of the company are short sold. Based on an average daily volume of 201,898 shares, the short-interest ratio is currently 3.9 days.

Analyst Upgrades and Downgrades

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

Institutional Trading of Forte Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE lifted its stake in Forte Biosciences by 5,641.8% during the third quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock worth $47,000 after purchasing an additional 3,103 shares during the last quarter. Geode Capital Management LLC boosted its stake in Forte Biosciences by 6.7% in the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock worth $829,000 after buying an additional 4,028 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Forte Biosciences by 23.8% during the third quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company’s stock valued at $350,000 after acquiring an additional 4,491 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Forte Biosciences during the third quarter worth approximately $161,000. Finally, AlphaQuest LLC raised its stake in shares of Forte Biosciences by 300.7% during the second quarter. AlphaQuest LLC now owns 16,897 shares of the company’s stock worth $218,000 after acquiring an additional 12,680 shares in the last quarter. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Forte Biosciences Trading Up 13.3%

Shares of FBRX traded up $3.90 during mid-day trading on Monday, reaching $33.17. 156,183 shares of the stock traded hands, compared to its average volume of 222,683. The company has a market cap of $415.62 million, a price-to-earnings ratio of -9.99 and a beta of 3.21. Forte Biosciences has a 1 year low of $4.90 and a 1 year high of $35.62. The firm has a fifty day moving average price of $25.79 and a 200 day moving average price of $17.15.

Forte Biosciences (NASDAQ:FBRX) last announced its earnings results on Friday, November 14th. The company reported ($0.99) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.05. On average, sell-side analysts anticipate that Forte Biosciences will post -12.12 EPS for the current year.

About Forte Biosciences

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.