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 on Wednesday. Traders purchased 30,205 call options on the stock. This is an increase of approximately 1,663% compared to the typical daily volume of 1,713 call options.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FBRX shares. Evercore ISI started coverage on Forte Biosciences in a research report on Tuesday, November 25th. They set an “outperform” rating and a $65.00 target price for the company. Wall Street Zen lowered Forte Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Chardan Capital restated a “buy” rating and set a $61.00 target price on shares of Forte Biosciences in a research report on Monday, November 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Forte Biosciences in a research note on Monday, December 15th. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Forte Biosciences Stock Up 2.3%

Shares of Forte Biosciences stock opened at $27.26 on Thursday. The business has a fifty day simple moving average of $17.50 and a 200 day simple moving average of $13.96. The stock has a market cap of $341.57 million, a PE ratio of -8.21 and a beta of 3.26. Forte Biosciences has a 12 month low of $4.90 and a 12 month high of $31.27.

Forte Biosciences (NASDAQ:FBRX) last released 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. Analysts expect that Forte Biosciences will post -12.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. AlphaQuest LLC bought a new stake in Forte Biosciences in the first quarter valued at approximately $33,000. Envestnet Asset Management Inc. bought a new stake in shares of Forte Biosciences in the 2nd quarter valued at $244,000. Tybourne Capital Management HK Ltd. increased its position 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 buying an additional 166,666 shares in the last quarter. Geode Capital Management LLC raised its stake in 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 buying an additional 4,028 shares during the period. Finally, Federated Hermes Inc. bought a new position in Forte Biosciences during the second quarter worth about $13,864,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

About Forte Biosciences

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.