Forte Biosciences, Inc. (NASDAQ:FBRX) was the recipient of a large growth in short interest in April. As of April 15th, there was short interest totalling 779,800 shares, a growth of 27.9% from the March 31st total of 609,600 shares. Approximately 52.3% of the shares of the stock are sold short. Based on an average daily volume of 207,600 shares, the short-interest ratio is currently 3.8 days.
Several equities analysts recently weighed in on FBRX shares. Chardan Capital dropped their price objective on Forte Biosciences from $115.00 to $105.00 and set a “buy” rating for the company in a research note on Tuesday, March 23rd. Zacks Investment Research raised Forte Biosciences from a “sell” rating to a “hold” rating in a research note on Monday, January 11th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell started coverage on Forte Biosciences in a research note on Thursday, April 1st. They issued a “buy” rating and a $75.00 price objective for the company. Finally, (FBRC) started coverage on Forte Biosciences in a research report on Friday, March 26th. They set a “buy” rating for the company. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $82.00.
Forte Biosciences stock traded down $1.96 during mid-day trading on Tuesday, hitting $34.63. 124,351 shares of the company were exchanged, compared to its average volume of 177,276. The business’s 50 day simple moving average is $33.11 and its two-hundred day simple moving average is $34.78. The company has a market capitalization of $467.82 million, a P/E ratio of -1.51 and a beta of 0.23. Forte Biosciences has a 12-month low of $13.35 and a 12-month high of $53.99.
Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. acquired a new stake in shares of Forte Biosciences during the third quarter worth $47,000. Lindbrook Capital LLC acquired a new stake in shares of Forte Biosciences during the first quarter worth $34,000. Bank of New York Mellon Corp acquired a new stake in shares of Forte Biosciences during the fourth quarter worth $213,000. Wells Fargo & Company MN boosted its holdings in shares of Forte Biosciences by 11,596.3% during the fourth quarter. Wells Fargo & Company MN now owns 6,316 shares of the company’s stock worth $230,000 after purchasing an additional 6,262 shares during the last quarter. Finally, Citigroup Inc. boosted its holdings in shares of Forte Biosciences by 5,736.6% during the fourth quarter. Citigroup Inc. now owns 7,179 shares of the company’s stock worth $261,000 after purchasing an additional 7,056 shares during the last quarter. Institutional investors and hedge funds own 53.03% of the company’s stock.
Forte Biosciences Company Profile
Forte Biosciences Inc operates as a clinical-stage dermatology company in the United States. It is developing a live biotherapeutic FB-401 that has completed Phase 1/2a clinical trial to treat inflammatory skin diseases for pediatric atopic dermatitis patients. The company is based in Torrance, California.
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