Short Interest in Forte Biosciences, Inc. (NASDAQ:FBRX) Increases By 22.7%

Forte Biosciences, Inc. (NASDAQ:FBRX) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totaling 892,176 shares, an increase of 22.7% from the March 15th total of 727,297 shares. Currently, 6.8% of the company’s stock are short sold. Based on an average daily volume of 254,336 shares, the days-to-cover ratio is presently 3.5 days.

Institutional Investors Weigh In On Forte Biosciences

Several large investors have recently modified their holdings of the business. Quadrature Capital Ltd bought a new stake in Forte Biosciences during the 4th quarter worth approximately $479,000. Millennium Management LLC boosted its holdings in shares of Forte Biosciences by 105.9% in the fourth quarter. Millennium Management LLC now owns 246,685 shares of the company’s stock valued at $6,727,000 after buying an additional 126,873 shares during the period. Janus Henderson Group PLC increased its position in shares of Forte Biosciences by 1.6% during the fourth quarter. Janus Henderson Group PLC now owns 1,425,785 shares of the company’s stock worth $39,159,000 after acquiring an additional 21,943 shares in the last quarter. 683 Capital Management LLC acquired a new stake in shares of Forte Biosciences during the fourth quarter worth $1,091,000. Finally, J. Goldman & Co LP bought a new stake in Forte Biosciences in the 4th quarter valued at $1,658,000. 77.63% of the stock is currently owned by institutional investors.

Forte Biosciences Trading Up 7.9%

NASDAQ FBRX traded up $2.49 during trading hours on Friday, reaching $33.92. 445,166 shares of the company’s stock were exchanged, compared to its average volume of 418,783. Forte Biosciences has a one year low of $4.90 and a one year high of $35.80. The stock has a market cap of $471.15 million, a PE ratio of -7.11 and a beta of 3.20. The firm has a fifty day moving average of $28.58 and a 200-day moving average of $23.73.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings results on Tuesday, March 31st. The company reported ($1.45) EPS for the quarter, missing the consensus estimate of ($1.42) by ($0.03). As a group, research analysts forecast that Forte Biosciences will post -12.12 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Forte Biosciences in a research report on Friday, March 27th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

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.