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

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

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Forte Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of FBRX. Royal Bank of Canada grew its stake in Forte Biosciences by 6.5% in the fourth quarter. Royal Bank of Canada now owns 11,986 shares of the company’s stock worth $327,000 after purchasing an additional 733 shares in the last quarter. Global Retirement Partners LLC acquired a new position in shares of Forte Biosciences in the 4th quarter worth approximately $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 valued at $47,000 after acquiring an additional 3,103 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Forte Biosciences by 6.7% in the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock valued at $829,000 after acquiring an additional 4,028 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Forte Biosciences by 23.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company’s stock valued at $350,000 after acquiring an additional 4,491 shares in the last quarter. Institutional investors own 77.63% of the company’s stock.

Forte Biosciences Stock Down 3.9%

Shares of NASDAQ FBRX traded down $1.26 on Tuesday, hitting $30.86. The company had a trading volume of 9,185 shares, compared to its average volume of 225,207. Forte Biosciences has a 12-month low of $4.90 and a 12-month high of $35.62. The firm has a market capitalization of $386.61 million, a P/E ratio of -9.35 and a beta of 3.21. The business has a 50 day moving average of $28.39 and a two-hundred day moving average of $18.73.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings results 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. On average, sell-side analysts anticipate that Forte Biosciences will post -12.12 earnings per share for the current year.

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.