Forte Biosciences Sees Unusually High Options Volume (NASDAQ:FBRX)

Forte Biosciences, Inc. (NASDAQ:FBRX) saw some unusual options trading on Wednesday. Investors purchased 30,205 call options on the company. This represents an increase of approximately 1,663% compared to the average volume of 1,713 call options.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FBRX shares. Evercore ISI assumed coverage on Forte Biosciences in a report on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 price objective for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forte Biosciences in a research note on Monday, December 29th. Chardan Capital reiterated a “buy” rating and issued a $61.00 price target on shares of Forte Biosciences in a report on Monday, November 17th. Finally, Wall Street Zen downgraded shares of Forte Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $67.00.

Forte Biosciences Stock Performance

Shares of NASDAQ:FBRX opened at $32.04 on Thursday. The firm has a market capitalization of $401.46 million, a P/E ratio of -9.65 and a beta of 3.22. The stock has a 50 day moving average price of $26.64 and a 200-day moving average price of $17.59. Forte Biosciences has a 52-week low of $4.90 and a 52-week high of $35.62.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.99) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.05. On average, equities analysts forecast that Forte Biosciences will post -12.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. AlphaQuest LLC grew its holdings in 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 purchasing an additional 12,680 shares during the period. Envestnet Asset Management Inc. bought a new stake in shares of Forte Biosciences in the 2nd quarter worth approximately $244,000. Tybourne Capital Management HK Ltd. grew its stake in shares of Forte Biosciences by 26.9% in the 2nd quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock worth $10,171,000 after buying an additional 166,666 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Forte Biosciences by 6.7% in the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock worth $829,000 after buying an additional 4,028 shares during the last quarter. Finally, Federated Hermes Inc. bought a new position in Forte Biosciences during the 2nd quarter valued at approximately $13,864,000. 77.63% of the stock is owned by hedge funds and other institutional investors.

Forte Biosciences Company Profile

Forte Biosciences, Inc is a clinical-stage biotechnology company focused on developing innovative treatments to restore skin health by targeting the underlying biology of the skin barrier and microbiome. Headquartered in San Diego, California, Forte leverages proprietary platforms to discover and advance topical live biotherapeutic products and skin barrier therapies aimed at addressing serious dermatological conditions.

The company’s lead product candidate, FB-401, is a topical live biotherapeutic formulation designed to rebalance the skin microbiome in patients with atopic dermatitis.