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

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) was the target of a large increase in short interest in 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 short-interest ratio is currently 3.6 days. Currently, 3.3% of the shares of the company are short sold.

Forte Biosciences Stock Performance

Shares of Forte Biosciences stock traded down $1.06 on Tuesday, hitting $12.54. 61,775 shares of the company's stock were exchanged, compared to its average volume of 158,479. Forte Biosciences has a 1 year low of $4.11 and a 1 year high of $28.68. The company has a 50-day simple moving average of $8.07 and a 200-day simple moving average of $11.95. The stock has a market capitalization of $82.55 million, a PE ratio of -0.77 and a beta of 2.85.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in Forte Biosciences by 70,000.0% in the 4th 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. Garde Capital Inc. purchased a new position in Forte Biosciences during the first quarter valued at $31,000. AlphaQuest LLC bought a new stake in Forte Biosciences in the 1st quarter worth approximately $33,000. Geode Capital Management LLC boosted its position in shares of Forte Biosciences by 18.3% during the 4th quarter. Geode Capital Management LLC now owns 16,877 shares of the company's stock valued at $383,000 after acquiring an additional 2,607 shares during the last quarter. Finally, Acuta Capital Partners LLC bought a new position in shares of Forte Biosciences in the 4th quarter valued at about $412,000. 77.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on FBRX. Wall Street Zen cut Forte Biosciences from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Chardan Capital lowered their price objective on shares of 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.

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