Forte Biosciences, Inc. (NASDAQ:FBRX) Short Interest Update

Forte Biosciences, Inc. (NASDAQ:FBRX) was the recipient of a large growth in short interest during the month of January. As of January 15th, there was short interest totaling 795,862 shares, a growth of 55.5% from the December 31st total of 511,832 shares. Based on an average trading volume of 201,898 shares, the days-to-cover ratio is presently 3.9 days. Currently, 6.8% of the company’s shares are short sold. Currently, 6.8% of the company’s shares are short sold. Based on an average trading volume of 201,898 shares, the days-to-cover ratio is presently 3.9 days.

Analyst Ratings Changes

FBRX has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Forte Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forte Biosciences in a report on Monday, December 29th. Chardan Capital reissued a “buy” rating and issued a $61.00 price target on shares of Forte Biosciences in a research note on Monday, November 17th. Finally, Evercore ISI assumed coverage on Forte Biosciences in a research report on Tuesday, November 25th. They set an “outperform” rating and a $65.00 price objective for the company. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $67.00.

Forte Biosciences Price Performance

Shares of Forte Biosciences stock traded up $0.05 on Friday, hitting $29.27. 215,740 shares of the company’s stock traded hands, compared to its average volume of 216,143. The company has a fifty day moving average of $25.79 and a two-hundred day moving average of $17.15. Forte Biosciences has a one year low of $4.90 and a one year high of $35.62. The company has a market capitalization of $366.75 million, a price-to-earnings ratio of -8.82 and a beta of 3.21.

Forte Biosciences (NASDAQ:FBRX) last issued 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. Equities research analysts anticipate that Forte Biosciences will post -12.12 earnings per share for the current year.

Institutional Investors Weigh In On Forte Biosciences

Large investors have recently bought and sold shares of the stock. Bank of America Corp DE raised its holdings in shares of 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 valued at $47,000 after purchasing an additional 3,103 shares during the period. Dimensional Fund Advisors LP acquired a new stake in Forte Biosciences in the third quarter valued at approximately $161,000. AlphaQuest LLC increased its holdings in shares of 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 acquiring an additional 12,680 shares in the last quarter. Citadel Advisors LLC acquired a new position in shares of Forte Biosciences during the third quarter worth approximately $234,000. Finally, Envestnet Asset Management Inc. acquired a new position in shares of Forte Biosciences during the second quarter worth approximately $244,000. 77.63% of the stock is currently owned by institutional investors and hedge funds.

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.