Stock Traders Buy Large Volume of Call Options on Forte Biosciences (NASDAQ:FBRX)

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

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Forte Biosciences

A number of institutional investors have recently added to or reduced their stakes in FBRX. Fred Alger Management LLC raised its position in Forte Biosciences by 1.1% during the third quarter. Fred Alger Management LLC now owns 1,636,030 shares of the company’s stock worth $24,540,000 after acquiring an additional 17,381 shares in the last quarter. Federated Hermes Inc. increased its stake 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 worth $24,531,000 after purchasing an additional 563,147 shares during the last quarter. Orbimed Advisors LLC increased its stake in shares of Forte Biosciences by 101.8% during the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock worth $15,477,000 after purchasing an additional 603,867 shares during the last quarter. Tybourne Capital Management HK Ltd. raised its holdings 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 valued at $10,171,000 after purchasing an additional 166,666 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Forte Biosciences by 16.4% in the 3rd quarter. Vanguard Group Inc. now owns 566,741 shares of the company’s stock valued at $8,501,000 after purchasing an additional 79,822 shares during the last quarter. 77.63% of the stock is currently owned by institutional investors and hedge funds.

Forte Biosciences Stock Performance

Shares of NASDAQ FBRX opened at $20.25 on Thursday. The stock has a 50 day moving average price of $15.27 and a 200 day moving average price of $12.85. Forte Biosciences has a 52 week low of $4.90 and a 52 week high of $25.97. The stock has a market capitalization of $253.73 million, a PE ratio of -6.10 and a beta of 3.26.

Forte Biosciences (NASDAQ:FBRX) last posted 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. As a group, research analysts forecast that Forte Biosciences will post -12.12 EPS for the current year.

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.