Forte Biosciences, Inc. (NASDAQ:FBRX) Sees Large Decrease in Short Interest

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new stake in shares of Forte Biosciences during the 4th quarter worth about $27,000. Bank of America Corp DE raised its holdings in 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 valued at $47,000 after acquiring an additional 3,103 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in Forte Biosciences in the 3rd quarter valued at $161,000. AlphaQuest LLC lifted its stake in shares of Forte Biosciences by 300.7% during the 2nd 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. Finally, Jane Street Group LLC acquired a new stake in shares of Forte Biosciences during the fourth quarter worth $228,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

Forte Biosciences Stock Performance

NASDAQ FBRX traded down $1.26 during trading hours on Tuesday, reaching $30.86. The company’s stock had a trading volume of 9,185 shares, compared to its average volume of 225,207. The stock has a market cap of $386.61 million, a PE ratio of -9.35 and a beta of 3.21. The company’s 50-day moving average is $28.39 and its two-hundred day moving average is $18.73. Forte Biosciences has a fifty-two week low of $4.90 and a fifty-two week high of $35.62.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FBRX. Wall Street Zen downgraded Forte Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forte Biosciences in a research note on Monday, December 29th. Evercore began 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, Chardan Capital reaffirmed a “buy” rating and issued a $61.00 target price on shares of Forte Biosciences in a report on Monday, November 17th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Forte Biosciences presently has a consensus rating of “Moderate Buy” and an average 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.