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

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

Institutional Investors Weigh In On Forte Biosciences

Several institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its stake in Forte Biosciences by 70,000.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company’s stock valued at $48,000 after purchasing an additional 2,100 shares during the period. Geode Capital Management LLC grew its stake 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 period. 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 position in Forte Biosciences in the 4th quarter valued at $2,026,000. Finally, Woodline Partners LP bought a new position in Forte Biosciences in the 4th quarter valued at $4,639,000. Institutional investors own 77.63% of the company’s stock.

Forte Biosciences Trading Up 3.1 %

Shares of Forte Biosciences stock opened at $6.00 on Friday. The stock has a fifty day simple moving average of $12.87 and a 200 day simple moving average of $11.49. Forte Biosciences has a 12-month low of $4.11 and a 12-month high of $28.68. The company has a market capitalization of $38.36 million, a P/E ratio of -0.37 and a beta of 2.35.

Wall Street Analysts Forecast Growth

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

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.