Forte Biosciences, Inc. (NASDAQ:FBRX) Sees Large Drop in Short Interest

Key Points

• Short interest in Forte Biosciences decreased by 21.2% in August, with a total of 101,500 shares reported as short sold by mid-August.
• The company recently reported earnings of ($0.96) per share, which was better than the consensus estimate of ($1.21).
• Forte Biosciences currently has an average analyst rating of "Buy" with a consensus price target of $68.00.

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) saw a significant decrease in short interest in August. As of August 15th, there was short interest totaling 101,500 shares, a decrease of 21.2% from the July 31st total of 128,800 shares. Based on an average daily volume of 104,100 shares, the short-interest ratio is presently 1.0 days. Approximately 1.0% of the shares of the stock are sold short. Approximately 1.0% of the shares of the stock are sold short. Based on an average daily volume of 104,100 shares, the short-interest ratio is presently 1.0 days.

Institutional Investors Weigh In On Forte Biosciences

Hedge funds have recently added to or reduced their stakes in the stock. Garde Capital Inc. bought a new position in Forte Biosciences during the 1st quarter worth approximately $31,000. AlphaQuest LLC bought a new stake in shares of Forte Biosciences in the first quarter worth $33,000. Envestnet Asset Management Inc. bought a new stake in shares of Forte Biosciences in the second quarter worth $244,000. Mink Brook Asset Management LLC bought a new stake in shares of Forte Biosciences in the second quarter worth $503,000. Finally, Geode Capital Management LLC increased its holdings in Forte Biosciences by 6.7% during the second 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. Institutional investors own 77.63% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FBRX. Wall Street Zen raised shares of Forte Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Chardan Capital reaffirmed a "buy" rating and set a $61.00 price target on shares of Forte Biosciences in a report on Friday, August 15th. Finally, Guggenheim assumed coverage on shares of Forte Biosciences in a report on Monday, August 18th. They set a "buy" rating and a $75.00 price objective for the company. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $68.00.

Forte Biosciences Stock Performance

Shares of FBRX stock traded up $0.10 during trading on Friday, hitting $10.56. 42,025 shares of the company were exchanged, compared to its average volume of 68,284. The firm has a market capitalization of $131.29 million, a price-to-earnings ratio of -0.65 and a beta of 2.69. The business's 50-day simple moving average is $10.85 and its 200 day simple moving average is $9.26. Forte Biosciences has a twelve month low of $4.11 and a twelve month high of $28.68.

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

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.