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

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FBRX. Envestnet Asset Management Inc. bought a new position in shares of Forte Biosciences during the second quarter valued at approximately $244,000. Geode Capital Management LLC lifted its stake in shares of Forte Biosciences by 6.7% during the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock worth $829,000 after acquiring an additional 4,028 shares during the last quarter. Federated Hermes Inc. purchased a new position in Forte Biosciences during the 2nd quarter valued at $13,864,000. Orbimed Advisors LLC boosted its holdings in Forte Biosciences by 101.8% during the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after acquiring an additional 603,867 shares during the period. Finally, Cable Car Capital LP grew its position in Forte Biosciences by 127.7% in the 2nd quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock valued at $6,465,000 after acquiring an additional 280,396 shares during the last quarter. Institutional investors own 77.63% of the company’s stock.

Forte Biosciences Trading Down 6.0%

Shares of NASDAQ:FBRX opened at $24.85 on Thursday. Forte Biosciences has a 12 month low of $4.90 and a 12 month high of $35.62. The company has a market capitalization of $311.37 million, a price-to-earnings ratio of -7.48 and a beta of 3.24. The firm’s 50-day moving average is $29.93 and its 200 day moving average is $21.42.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FBRX shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Forte Biosciences in a research report on Monday, December 29th. Evercore started coverage on Forte Biosciences in a research report on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 price target for the company. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $67.00.

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.