Forte Biosciences, Inc. (NASDAQ:FBRX) Short Interest Down 55.8% in February

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

Institutional Trading of Forte Biosciences

Several large investors have recently added to or reduced their stakes in FBRX. JPMorgan Chase & Co. grew 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 acquiring an additional 2,100 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Forte Biosciences by 18.3% in the fourth quarter. Geode Capital Management LLC now owns 16,877 shares of the company’s stock worth $383,000 after buying an additional 2,607 shares during the last quarter. Acuta Capital Partners LLC acquired a new stake in shares of Forte Biosciences in the fourth quarter worth $412,000. Boothbay Fund Management LLC acquired a new position in Forte Biosciences during the 4th quarter valued at $2,026,000. Finally, Woodline Partners LP bought a new stake in Forte Biosciences in the 4th quarter valued at $4,639,000. 77.63% of the stock is owned by institutional investors.

Forte Biosciences Price Performance

FBRX traded down $0.20 on Friday, reaching $5.80. 39,207 shares of the company traded hands, compared to its average volume of 146,898. The stock’s 50 day moving average price is $12.50 and its 200-day moving average price is $11.53. Forte Biosciences has a 52-week low of $4.11 and a 52-week high of $28.68. The company has a market cap of $37.08 million, a price-to-earnings ratio of -0.36 and a beta of 2.35.

Analyst Ratings Changes

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