Forte Biosciences, Inc. (NASDAQ:FBRX) Short Interest Up 761.3% in March

Forte Biosciences, Inc. (NASDAQ:FBRX) saw a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 118,000 shares, a growth of 761.3% from the March 15th total of 13,700 shares. Based on an average daily volume of 39,800 shares, the short-interest ratio is currently 3.0 days. Approximately 2.2% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

FBRX has been the subject of several recent analyst reports. Chardan Capital reduced their price target on Forte Biosciences from $64.00 to $61.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. TD Cowen initiated coverage on Forte Biosciences in a research report on Tuesday, January 21st. They issued a “buy” rating for the company.

Hedge Funds Weigh In On Forte Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in shares of Forte Biosciences by 70,000.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company’s stock valued at $48,000 after buying an additional 2,100 shares in the last quarter. Geode Capital Management LLC grew its stake in Forte Biosciences by 18.3% in 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. Acuta Capital Partners LLC purchased a new position in Forte Biosciences during the 4th quarter valued at about $412,000. Boothbay Fund Management LLC purchased a new position in Forte Biosciences during the 4th quarter valued at about $2,026,000. Finally, Woodline Partners LP acquired a new position in Forte Biosciences during the fourth quarter worth about $4,639,000. 77.63% of the stock is owned by institutional investors and hedge funds.

Forte Biosciences Price Performance

Forte Biosciences stock traded up $0.52 during mid-day trading on Monday, reaching $5.77. The company had a trading volume of 20,357 shares, compared to its average volume of 150,636. The stock’s 50-day simple moving average is $8.18 and its 200-day simple moving average is $11.58. The company has a market capitalization of $37.98 million, a P/E ratio of -0.35 and a beta of 2.52. Forte Biosciences has a 1 year low of $4.11 and a 1 year high of $28.68.

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.