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

Forte Biosciences, Inc. (NASDAQ:FBRX) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 5,700 shares, a drop of 75.6% from the August 15th total of 23,400 shares. Currently, 0.4% of the company’s stock are short sold. Based on an average daily volume of 4,600 shares, the short-interest ratio is presently 1.2 days.

Forte Biosciences Price Performance

Shares of FBRX stock traded up $0.27 during trading hours on Friday, reaching $7.28. 14,383 shares of the company traded hands, compared to its average volume of 2,550. The firm has a 50-day moving average price of $1.80 and a 200 day moving average price of $0.63. The company has a market cap of $10.63 million and a P/E ratio of -8.27. Forte Biosciences has a 12-month low of $6.50 and a 12-month high of $21.75.

Forte Biosciences (NASDAQ:FBRX) last released its earnings results on Wednesday, August 14th. The company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). Sell-side analysts predict that Forte Biosciences will post -22.5 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Brookline Capital Management assumed coverage on Forte Biosciences in a research note on Thursday, May 30th. They issued a “buy” rating and a $0.16 price target for the company. Chardan Capital reiterated a “buy” rating and issued a $0.12 price objective on shares of Forte Biosciences in a report on Monday, August 19th.

Hedge Funds Weigh In On Forte Biosciences

A hedge fund recently bought a new stake in Forte Biosciences stock. Cable Car Capital LLC bought a new stake in shares of Forte Biosciences, Inc. (NASDAQ:FBRX) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,031,987 shares of the company’s stock, valued at approximately $1,670,000. Forte Biosciences accounts for approximately 1.9% of Cable Car Capital LLC’s investment portfolio, making the stock its 18th biggest position. Cable Car Capital LLC owned about 5.59% of Forte Biosciences at the end of the most recent quarter. Hedge funds and other institutional investors own 77.63% of the company’s stock.

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.