Forte Biosciences, Inc. (NASDAQ:FBRX) Short Interest Up 55.5% in January

Forte Biosciences, Inc. (NASDAQ:FBRX) was the target of a large 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 trading volume of 201,898 shares, the days-to-cover ratio is currently 3.9 days. Approximately 6.8% of the company’s stock are sold short. Approximately 6.8% of the company’s stock are sold short. Based on an average trading volume of 201,898 shares, the days-to-cover ratio is currently 3.9 days.

Forte Biosciences Trading Up 0.2%

FBRX traded up $0.05 during midday trading on Friday, hitting $29.27. The company’s stock had a trading volume of 215,740 shares, compared to its average volume of 215,521. Forte Biosciences has a 52-week low of $4.90 and a 52-week high of $35.62. The firm has a 50-day moving average price of $25.79 and a two-hundred day moving average price of $17.04. The firm has a market cap of $366.67 million, a P/E ratio of -8.82 and a beta of 3.22.

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

Hedge Funds Weigh In On Forte Biosciences

Large investors have recently modified their holdings of the company. Federated Hermes Inc. purchased a new stake in shares of Forte Biosciences during the 2nd quarter worth about $13,864,000. AlphaQuest LLC lifted its position in 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 buying an additional 12,680 shares in the last quarter. Envestnet Asset Management Inc. purchased a new stake in Forte Biosciences during the second quarter worth approximately $244,000. Tybourne Capital Management HK Ltd. increased its position in shares of Forte Biosciences by 26.9% in the second quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock worth $10,171,000 after acquiring an additional 166,666 shares in the last quarter. Finally, Citadel Advisors LLC purchased a new position in shares of Forte Biosciences in the 3rd quarter valued at $234,000. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

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.