Forte Biosciences, Inc. (NASDAQ:FBRX) Sees Significant Growth in Short Interest

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

Analyst Upgrades and Downgrades

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

Forte Biosciences Price Performance

Shares of NASDAQ:FBRX traded up $0.94 during mid-day trading on Wednesday, hitting $33.43. The company had a trading volume of 28,474 shares, compared to its average volume of 206,122. The firm has a fifty day moving average price of $21.39 and a 200 day moving average price of $15.33. The company has a market capitalization of $418.82 million, a PE ratio of -10.11 and a beta of 3.22. Forte Biosciences has a one year low of $4.90 and a one year high of $34.16.

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

Institutional Trading of Forte Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its stake in Forte Biosciences by 5,641.8% during the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock worth $47,000 after buying an additional 3,103 shares during the period. Dimensional Fund Advisors LP bought a new stake in shares of Forte Biosciences during the third quarter valued at approximately $161,000. AlphaQuest LLC raised its position 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 purchasing an additional 12,680 shares during the period. Citadel Advisors LLC bought a new position in shares of Forte Biosciences in the 3rd quarter worth $234,000. Finally, Envestnet Asset Management Inc. bought a new position in shares of Forte Biosciences in the 2nd quarter worth $244,000. 77.63% of the stock is owned by institutional investors.

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.