Short Interest in Forte Biosciences, Inc. (NASDAQ:FBRX) Declines By 79.0%

Forte Biosciences, Inc. (NASDAQ:FBRX) saw a significant decrease in short interest in the month of February. As of February 15th, there was short interest totalling 28,300 shares, a decrease of 79.0% from the January 31st total of 134,600 shares. Currently, 0.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 546,400 shares, the days-to-cover ratio is presently 0.1 days.

Analysts Set New Price Targets

Several equities research analysts have recently commented on FBRX shares. TD Cowen started coverage on Forte Biosciences in a research note on Tuesday, January 21st. They set a “buy” rating on the stock. Chardan Capital reiterated a “buy” rating and set a $64.00 target price on shares of Forte Biosciences in a research report on Wednesday, December 4th.

Forte Biosciences Trading Down 1.8 %

Shares of FBRX stock traded down $0.17 during trading hours on Friday, hitting $9.14. The company’s stock had a trading volume of 25,557 shares, compared to its average volume of 36,079. Forte Biosciences has a twelve month low of $4.11 and a twelve month high of $28.68. The stock has a market cap of $58.40 million, a price-to-earnings ratio of -0.56 and a beta of 1.09. The business has a fifty day moving average of $15.79 and a 200-day moving average of $11.02.

Institutional Trading of Forte Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fred Alger Management LLC lifted its holdings in Forte Biosciences by 1,271.2% in the 4th quarter. Fred Alger Management LLC now owns 1,133,944 shares of the company’s stock valued at $25,752,000 after purchasing an additional 1,051,246 shares in the last quarter. Tybourne Capital Management HK Ltd. boosted its position in Forte Biosciences by 327.6% during the fourth quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company’s stock worth $14,080,000 after acquiring an additional 475,000 shares during the last quarter. Orbimed Advisors LLC purchased a new stake in Forte Biosciences in the 4th quarter worth approximately $13,626,000. BVF Inc. IL raised its holdings in Forte Biosciences by 398.2% in the 4th quarter. BVF Inc. IL now owns 594,282 shares of the company’s stock valued at $13,496,000 after acquiring an additional 475,000 shares during the last quarter. Finally, Woodline Partners LP purchased a new position in shares of Forte Biosciences during the 4th quarter worth $4,639,000. Hedge funds and other institutional investors own 77.63% of the company’s stock.

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.