Forte Biosciences, Inc. (NASDAQ:FBRX) Short Interest Update

Forte Biosciences, Inc. (NASDAQ:FBRX) 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. Based on an average trading volume of 546,400 shares, the short-interest ratio is currently 0.1 days. Currently, 0.6% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

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

Forte Biosciences Stock Down 0.2 %

FBRX traded down $0.02 during trading on Thursday, hitting $9.30. The company’s stock had a trading volume of 24,145 shares, compared to its average volume of 36,165. The firm has a market capitalization of $59.45 million, a P/E ratio of -0.57 and a beta of 1.09. Forte Biosciences has a twelve month low of $4.11 and a twelve month high of $28.68. The stock’s fifty day moving average price is $15.98 and its 200-day moving average price is $11.03.

Institutional Trading of Forte Biosciences

Hedge funds have recently modified their holdings of the stock. Woodline Partners LP bought a new stake in Forte Biosciences in the fourth quarter valued at $4,639,000. Tybourne Capital Management HK Ltd. boosted its position in shares of Forte Biosciences by 327.6% during the 4th quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company’s stock worth $14,080,000 after purchasing an additional 475,000 shares in the last quarter. Orbimed Advisors LLC acquired a new stake in shares of Forte Biosciences in the 4th quarter valued at about $13,626,000. Fred Alger Management LLC increased its position 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 buying an additional 1,051,246 shares in the last quarter. Finally, BVF Inc. IL raised its stake in Forte Biosciences by 398.2% during the 4th quarter. BVF Inc. IL now owns 594,282 shares of the company’s stock worth $13,496,000 after buying an additional 475,000 shares during the period. Institutional investors own 77.63% of the company’s stock.

About Forte Biosciences

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.