Forte Biosciences, Inc. (NASDAQ:FBRX) Short Interest Up 53.4% in September

Key Points

• Forte Biosciences, Inc. experienced a significant increase in short interest of 53.4% in September, with 173,000 shares sold short as of September 30th.
• The company's stock price currently sits at $11.66 with a market capitalization of approximately $144.97 million and a P/E ratio of -0.72.
• Despite mixed analyst ratings, the consensus indicates a Moderate Buy sentiment with an average target price of $68.00.

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) saw a large increase in short interest in the month of September. As of September 30th, there was short interest totaling 173,000 shares, an increase of 53.4% from the September 15th total of 112,800 shares. Approximately 1.6% of the company's stock are sold short. Based on an average daily trading volume, of 76,900 shares, the short-interest ratio is presently 2.2 days. Based on an average daily trading volume, of 76,900 shares, the short-interest ratio is presently 2.2 days. Approximately 1.6% of the company's stock are sold short.

Forte Biosciences Price Performance

Shares of NASDAQ FBRX traded down $0.02 during midday trading on Wednesday, reaching $11.66. The company's stock had a trading volume of 51,451 shares, compared to its average volume of 69,139. Forte Biosciences has a 12-month low of $4.11 and a 12-month high of $28.68. The firm has a 50 day moving average price of $12.57 and a 200-day moving average price of $10.52. The stock has a market capitalization of $144.97 million, a P/E ratio of -0.72 and a beta of 3.03.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.96) earnings per share for the quarter, topping analysts' consensus estimates of ($1.21) by $0.25. On average, equities analysts predict that Forte Biosciences will post -12.12 EPS for the current year.

Hedge Funds Weigh In On Forte Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. AlphaQuest LLC purchased a new position in shares of Forte Biosciences in the 1st quarter worth approximately $33,000. Envestnet Asset Management Inc. purchased a new position in shares of Forte Biosciences in the 2nd quarter worth approximately $244,000. Mink Brook Asset Management LLC purchased a new position in shares of Forte Biosciences in the 2nd quarter worth approximately $503,000. Geode Capital Management LLC boosted its stake in shares of Forte Biosciences by 6.7% in the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company's stock worth $829,000 after buying an additional 4,028 shares during the last quarter. Finally, Perceptive Advisors LLC purchased a new position in shares of Forte Biosciences in the 2nd quarter worth approximately $882,000. Hedge funds and other institutional investors own 77.63% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Guggenheim assumed coverage on Forte Biosciences in a research note on Monday, August 18th. They issued a "buy" rating and a $75.00 target price for the company. Wall Street Zen downgraded Forte Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday. Weiss Ratings restated a "sell (d-)" rating on shares of Forte Biosciences in a research note on Wednesday, October 8th. Finally, Chardan Capital restated a "buy" rating and issued a $61.00 target price on shares of Forte Biosciences in a research note on Friday, August 15th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $68.00.

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.

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