Forte Biosciences, Inc. (NASDAQ:FBRX) Short Interest Up 33.5% in May

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) saw a significant increase in short interest during the month of May. As of May 31st, there was short interest totalling 173,300 shares, an increase of 33.5% from the May 15th total of 129,800 shares. Based on an average daily volume of 47,800 shares, the days-to-cover ratio is presently 3.6 days. Currently, 3.3% of the shares of the company are short sold.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FBRX. JPMorgan Chase & Co. raised its stake in shares of Forte Biosciences by 70,000.0% during the fourth quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company's stock worth $48,000 after purchasing an additional 2,100 shares during the last quarter. Geode Capital Management LLC increased 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 buying an additional 2,607 shares during the period. Garde Capital Inc. purchased a new position in Forte Biosciences during the 1st quarter worth $31,000. AlphaQuest LLC purchased a new position in Forte Biosciences during the 1st quarter worth $33,000. Finally, Acuta Capital Partners LLC acquired a new stake in shares of Forte Biosciences in the 4th quarter worth $412,000. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

Forte Biosciences Trading Up 17.8%

Shares of Forte Biosciences stock traded up $2.22 during trading on Friday, reaching $14.66. The company's stock had a trading volume of 140,737 shares, compared to its average volume of 159,752. The company has a 50-day moving average price of $8.66 and a two-hundred day moving average price of $11.81. Forte Biosciences has a fifty-two week low of $4.11 and a fifty-two week high of $28.68. The firm has a market cap of $96.46 million, a PE ratio of -0.90 and a beta of 2.85.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The company reported ($1.37) EPS for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.48). On average, analysts predict that Forte Biosciences will post -12.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Wall Street Zen downgraded Forte Biosciences from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Chardan Capital dropped their price target on Forte Biosciences from $64.00 to $61.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st.

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.