Forte Biosciences, Inc. (NASDAQ:FBRX) Short Interest Down 79.0% in February

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) was the target of a large drop in short interest in February. As of February 15th, there was short interest totalling 28,300 shares, a drop of 79.0% from the January 31st total of 134,600 shares. Currently, 0.6% of the company's stock are sold short. Based on an average daily volume of 546,400 shares, the days-to-cover ratio is currently 0.1 days.

Forte Biosciences Price Performance

Shares of NASDAQ FBRX traded down $0.66 during trading hours on Monday, hitting $8.44. 2,745 shares of the stock were exchanged, compared to its average volume of 146,095. Forte Biosciences has a one year low of $4.11 and a one year high of $28.68. The company's 50 day moving average is $15.59 and its 200 day moving average is $11.24. The firm has a market capitalization of $53.96 million, a P/E ratio of -0.52 and a beta of 1.09.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FBRX. TD Cowen began coverage on shares of Forte Biosciences in a report on Tuesday, January 21st. They issued a "buy" rating for the company. Chardan Capital reiterated a "buy" rating and set a $64.00 price target on shares of Forte Biosciences in a research note on Wednesday, December 4th.

Hedge Funds Weigh In On Forte Biosciences

Several large investors have recently bought and sold shares of FBRX. JPMorgan Chase & Co. lifted its position in Forte Biosciences by 70,000.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company's stock worth $48,000 after purchasing an additional 2,100 shares during the period. Geode Capital Management LLC raised its position in Forte Biosciences by 18.3% in the 4th quarter. Geode Capital Management LLC now owns 16,877 shares of the company's stock valued at $383,000 after purchasing an additional 2,607 shares during the last quarter. Acuta Capital Partners LLC bought a new position in Forte Biosciences in the 4th quarter valued at $412,000. Boothbay Fund Management LLC bought a new stake in shares of Forte Biosciences during the fourth quarter worth $2,026,000. Finally, Woodline Partners LP acquired a new stake in shares of Forte Biosciences in the fourth quarter valued at $4,639,000. 77.63% of the stock is currently owned by institutional investors and hedge funds.

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.