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. Approximately 4.3% of the shares of the stock are sold short. Based on an average daily volume of 217,950 shares, the days-to-cover ratio is currently 2.3 days. Based on an average daily volume of 217,950 shares, the days-to-cover ratio is currently 2.3 days. Approximately 4.3% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. AlphaQuest LLC lifted its holdings in Forte Biosciences by 300.7% in 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 during the last quarter. Envestnet Asset Management Inc. purchased a new position in Forte Biosciences in the 2nd quarter valued at approximately $244,000. Tybourne Capital Management HK Ltd. grew its stake in Forte Biosciences by 26.9% during the 2nd quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock worth $10,171,000 after purchasing an additional 166,666 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Forte Biosciences by 6.7% during the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock worth $829,000 after buying an additional 4,028 shares during the period. Finally, Federated Hermes Inc. acquired a new stake in shares of Forte Biosciences in the 2nd quarter valued at $13,864,000. 77.63% of the stock is owned by institutional investors and hedge funds.

Forte Biosciences Trading Up 10.7%

Shares of NASDAQ:FBRX traded up $3.17 during mid-day trading on Tuesday, reaching $32.83. The stock had a trading volume of 211,667 shares, compared to its average volume of 212,247. The business’s 50 day moving average price is $20.96 and its 200 day moving average price is $15.19. Forte Biosciences has a 1 year low of $4.90 and a 1 year high of $33.00. The company has a market cap of $411.41 million, a P/E ratio of -9.87 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, beating the consensus estimate of ($1.04) by $0.05. Analysts predict that Forte Biosciences will post -12.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

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