Forte Biosciences, Inc. (NASDAQ:FBRX) Short Interest Update

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 15th, there was short interest totalling 129,800 shares, an increase of 18.5% from the April 30th total of 109,500 shares. Approximately 2.4% of the company's shares are short sold. Based on an average daily trading volume, of 44,800 shares, the short-interest ratio is currently 2.9 days.

Hedge Funds Weigh In On Forte Biosciences

A number of hedge funds have recently made changes to their positions in the stock. Fred Alger Management LLC raised its position in Forte Biosciences by 1,271.2% in the fourth quarter. Fred Alger Management LLC now owns 1,133,944 shares of the company's stock valued at $25,752,000 after purchasing an additional 1,051,246 shares during the period. Tybourne Capital Management HK Ltd. raised its holdings in shares of Forte Biosciences by 327.6% in the 4th quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company's stock valued at $14,080,000 after buying an additional 475,000 shares during the period. Orbimed Advisors LLC acquired a new position in Forte Biosciences during the 4th quarter worth about $13,626,000. BVF Inc. IL lifted its stake in Forte Biosciences by 398.2% during the 4th quarter. BVF Inc. IL now owns 594,282 shares of the company's stock worth $13,496,000 after acquiring an additional 475,000 shares in the last quarter. Finally, Woodline Partners LP purchased a new position in Forte Biosciences during the 4th quarter valued at about $4,639,000. Hedge funds and other institutional investors own 77.63% of the company's stock.

Forte Biosciences Price Performance

Shares of NASDAQ:FBRX traded up $0.97 during midday trading on Friday, reaching $11.32. 18,846 shares of the company's stock were exchanged, compared to its average volume of 158,442. The stock has a market cap of $74.52 million, a price-to-earnings ratio of -0.69 and a beta of 2.85. Forte Biosciences has a fifty-two week low of $4.11 and a fifty-two week high of $28.68. The firm's 50 day simple moving average is $7.29 and its two-hundred day simple moving average is $12.23.

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

Analyst Ratings Changes

Several research firms have recently commented on FBRX. Chardan Capital reduced their price target on shares of Forte Biosciences from $64.00 to $61.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Wall Street Zen cut Forte Biosciences from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd.

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.