Forte Biosciences, Inc. (NASDAQ:FBRX) Short Interest Up 19.9% in December

Forte Biosciences, Inc. (NASDAQ:FBRX) saw a significant increase in short interest in December. As of December 31st, there was short interest totalling 342,900 shares, an increase of 19.9% from the December 15th total of 286,000 shares. Currently, 5.6% of the shares of the stock are sold short. Based on an average daily volume of 535,300 shares, the days-to-cover ratio is currently 0.6 days.

Analysts Set New Price Targets

Separately, Chardan Capital reaffirmed a “buy” rating and set a $64.00 price objective on shares of Forte Biosciences in a report on Wednesday, December 4th.

Insiders Place Their Bets

In related news, CFO Antony A. Riley purchased 22,514 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were acquired at an average cost of $5.55 per share, with a total value of $124,952.70. Following the completion of the purchase, the chief financial officer now directly owns 30,776 shares of the company’s stock, valued at $170,806.80. This trade represents a 272.50 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.10% of the company’s stock.

Forte Biosciences Stock Performance

NASDAQ:FBRX traded down $0.20 on Friday, hitting $15.60. 30,667 shares of the stock were exchanged, compared to its average volume of 49,121. The stock has a market capitalization of $22.78 million, a price-to-earnings ratio of -0.96 and a beta of 1.13. Forte Biosciences has a 52 week low of $4.11 and a 52 week high of $28.68. The company’s 50-day moving average price is $18.27 and its 200 day moving average price is $8.50.

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.