Forte Biosciences, Inc. (NASDAQ:FBRX) saw a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 779,800 shares, an increase of 27.9% from the March 31st total of 609,600 shares. Based on an average trading volume of 207,600 shares, the short-interest ratio is presently 3.8 days. Approximately 52.3% of the shares of the company are short sold.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. acquired a new stake in Forte Biosciences in the third quarter worth approximately $47,000. Lindbrook Capital LLC acquired a new stake in Forte Biosciences in the first quarter worth approximately $34,000. Bank of New York Mellon Corp acquired a new stake in Forte Biosciences in the fourth quarter worth approximately $213,000. Wells Fargo & Company MN lifted its position in Forte Biosciences by 11,596.3% in the fourth quarter. Wells Fargo & Company MN now owns 6,316 shares of the company’s stock worth $230,000 after purchasing an additional 6,262 shares during the period. Finally, Citigroup Inc. lifted its position in Forte Biosciences by 5,736.6% in the fourth quarter. Citigroup Inc. now owns 7,179 shares of the company’s stock worth $261,000 after purchasing an additional 7,056 shares during the period. Hedge funds and other institutional investors own 53.03% of the company’s stock.
A number of brokerages have commented on FBRX. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell began coverage on Forte Biosciences in a research note on Thursday, April 1st. They issued a “buy” rating and a $75.00 target price for the company. Chardan Capital decreased their target price on Forte Biosciences from $115.00 to $105.00 and set a “buy” rating for the company in a research note on Tuesday, March 23rd. Zacks Investment Research upgraded Forte Biosciences from a “sell” rating to a “hold” rating in a research note on Monday, January 11th. Finally, (FBRC) started coverage on Forte Biosciences in a research note on Friday, March 26th. They issued a “buy” rating for the company. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $82.00.
Shares of NASDAQ FBRX traded down $1.96 during midday trading on Tuesday, hitting $34.63. 124,351 shares of the company’s stock were exchanged, compared to its average volume of 177,276. The stock’s 50 day moving average price is $33.11 and its 200-day moving average price is $34.78. The firm has a market cap of $467.82 million, a P/E ratio of -1.51 and a beta of 0.23. Forte Biosciences has a twelve month low of $13.35 and a twelve month high of $53.99.
Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings data on Wednesday, March 24th. The company reported ($0.37) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.49) by $0.12. As a group, equities research analysts predict that Forte Biosciences will post -7.78 earnings per share for the current fiscal year.
About Forte Biosciences
Forte Biosciences Inc operates as a clinical-stage dermatology company in the United States. It is developing a live biotherapeutic FB-401 that has completed Phase 1/2a clinical trial to treat inflammatory skin diseases for pediatric atopic dermatitis patients. The company is based in Torrance, California.
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