Forte Biosciences, Inc. (NASDAQ:FBRX) Short Interest Down 55.8% in February

Forte Biosciences, Inc. (NASDAQ:FBRX) saw a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 12,500 shares, a drop of 55.8% from the February 13th total of 28,300 shares. Based on an average daily volume of 50,900 shares, the short-interest ratio is currently 0.2 days. Approximately 0.2% of the company’s shares are sold short.

Analyst Ratings Changes

A number of brokerages have recently commented on FBRX. TD Cowen began coverage on shares of Forte Biosciences in a research note on Tuesday, January 21st. They issued a “buy” rating on the stock. Chardan Capital reissued a “buy” rating and issued a $64.00 target price on shares of Forte Biosciences in a research note on Wednesday, December 4th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Woodline Partners LP acquired a new position in shares of Forte Biosciences in the 4th quarter valued at about $4,639,000. Tybourne Capital Management HK Ltd. lifted its position in Forte Biosciences by 327.6% in the 4th quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company’s stock valued at $14,080,000 after purchasing an additional 475,000 shares during the last quarter. Orbimed Advisors LLC bought a new stake in Forte Biosciences in the 4th quarter valued at about $13,626,000. Fred Alger Management LLC raised its position in shares of Forte Biosciences by 1,271.2% during the 4th quarter. Fred Alger Management LLC now owns 1,133,944 shares of the company’s stock worth $25,752,000 after buying an additional 1,051,246 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Forte Biosciences by 70,000.0% during the 4th quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company’s stock worth $48,000 after buying an additional 2,100 shares in the last quarter. 77.63% of the stock is owned by institutional investors and hedge funds.

Forte Biosciences Price Performance

Forte Biosciences stock traded down $0.20 during midday trading on Friday, hitting $5.80. 39,207 shares of the stock were exchanged, compared to its average volume of 146,898. Forte Biosciences has a 1 year low of $4.11 and a 1 year high of $28.68. The firm has a market cap of $37.08 million, a P/E ratio of -0.36 and a beta of 2.35. The company has a 50 day moving average price of $12.50 and a two-hundred day moving average price of $11.53.

Forte Biosciences Company Profile

Forte Biosciences, Inc operates as a biopharmaceutical company in the United States. The company is developing FB-102 program that addresses various autoimmune diseases, such as graft-versus-host disease, and vitiligo and alopecia areata. Forte Biosciences, Inc is headquartered in Dallas, Texas.