Forte Biosciences, Inc. (NASDAQ:FBRX) Short Interest Down 13.5% in January

Forte Biosciences, Inc. (NASDAQ:FBRX) saw a large decline in short interest during the month of January. As of January 30th, there was short interest totaling 688,524 shares, a decline of 13.5% from the January 15th total of 795,862 shares. Approximately 5.8% of the company’s stock are short sold. Based on an average daily volume of 243,422 shares, the short-interest ratio is currently 2.8 days. Based on an average daily volume of 243,422 shares, the short-interest ratio is currently 2.8 days. Approximately 5.8% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

FBRX has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Forte Biosciences in a report on Monday, December 29th. Chardan Capital reiterated a “buy” rating and issued a $61.00 target price on shares of Forte Biosciences in a research report on Monday, November 17th. Evercore began coverage on Forte Biosciences in a research report on Tuesday, November 25th. They set an “outperform” rating and a $65.00 price target on the stock. Finally, Wall Street Zen cut Forte Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Forte Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Forte Biosciences Trading Down 1.8%

NASDAQ:FBRX opened at $29.23 on Thursday. The stock has a 50 day moving average of $28.76 and a 200-day moving average of $18.95. The firm has a market capitalization of $366.25 million, a PE ratio of -8.80 and a beta of 3.22. Forte Biosciences has a 52 week low of $4.90 and a 52 week high of $35.62.

Institutional Investors Weigh In On Forte Biosciences

Large investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC bought a new stake in Forte Biosciences in the fourth quarter valued at $27,000. Bank of America Corp DE increased its holdings in shares of Forte Biosciences by 5,641.8% in the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock worth $47,000 after acquiring an additional 3,103 shares during the period. Jane Street Group LLC bought a new stake in Forte Biosciences in the 4th quarter valued at about $228,000. Persistent Asset Partners Ltd bought a new stake in Forte Biosciences in the 4th quarter valued at about $277,000. Finally, Alps Advisors Inc. acquired a new position in Forte Biosciences during the 4th quarter valued at about $281,000. 77.63% of the stock is owned by institutional investors and hedge funds.

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.