Traders Buy High Volume of Forte Biosciences Call Options (NASDAQ:FBRX)

Forte Biosciences, Inc. (NASDAQ:FBRX) was the recipient of some unusual options trading on Wednesday. Traders acquired 30,205 call options on the company. This is an increase of 1,663% compared to the typical daily volume of 1,713 call options.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Guggenheim assumed coverage on shares of Forte Biosciences in a research note on Monday, August 18th. They set a “buy” rating and a $75.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Forte Biosciences in a research note on Monday. Evercore ISI started coverage on shares of Forte Biosciences in a research report on Tuesday, November 25th. They set an “outperform” rating and a $65.00 price objective on the stock. Wall Street Zen downgraded shares of Forte Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Finally, Chardan Capital reiterated a “buy” rating and issued a $61.00 price target on shares of Forte Biosciences in a research note on Monday, November 17th. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.00.

Forte Biosciences Price Performance

Forte Biosciences stock opened at $20.25 on Thursday. The firm’s 50 day moving average price is $15.27 and its 200-day moving average price is $12.85. Forte Biosciences has a 1 year low of $4.90 and a 1 year high of $25.97. The stock has a market cap of $253.73 million, a P/E ratio of -6.10 and a beta of 3.26.

Forte Biosciences (NASDAQ:FBRX) last posted its earnings results on Friday, November 14th. The company reported ($0.99) earnings per share for the quarter, beating the consensus estimate of ($1.04) by $0.05. As a group, equities analysts expect that Forte Biosciences will post -12.12 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. AlphaQuest LLC lifted its position in shares of Forte Biosciences by 300.7% in the second quarter. AlphaQuest LLC now owns 16,897 shares of the company’s stock worth $218,000 after buying an additional 12,680 shares in the last quarter. Envestnet Asset Management Inc. bought a new stake in Forte Biosciences in the 2nd quarter worth approximately $244,000. Tybourne Capital Management HK Ltd. raised its holdings in shares of Forte Biosciences by 26.9% during the 2nd quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock worth $10,171,000 after acquiring an additional 166,666 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Forte Biosciences by 52.5% during the 3rd quarter. Federated Hermes Inc. now owns 1,635,380 shares of the company’s stock valued at $24,531,000 after acquiring an additional 563,147 shares during the last quarter. Finally, Mink Brook Asset Management LLC grew its holdings in shares of Forte Biosciences by 109.1% in the third quarter. Mink Brook Asset Management LLC now owns 81,312 shares of the company’s stock valued at $1,220,000 after purchasing an additional 42,419 shares in the last 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.