Forte Biosciences Target of Unusually High Options Trading (NASDAQ:FBRX)

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

Analysts Set New Price Targets

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

Forte Biosciences Trading Down 2.5%

NASDAQ:FBRX traded down $0.79 during trading hours on Thursday, hitting $30.97. The stock had a trading volume of 121,327 shares, compared to its average volume of 220,212. The business has a 50 day simple moving average of $29.58 and a two-hundred day simple moving average of $20.29. Forte Biosciences has a 1-year low of $4.90 and a 1-year high of $35.62. The company has a market cap of $388.05 million, a PE ratio of -9.33 and a beta of 3.24.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FBRX. Envestnet Asset Management Inc. purchased a new position in Forte Biosciences in the second quarter valued at about $244,000. Geode Capital Management LLC raised its position 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 valued at $829,000 after purchasing an additional 4,028 shares in the last quarter. Federated Hermes Inc. acquired a new stake in shares of Forte Biosciences during the second quarter worth approximately $13,864,000. Orbimed Advisors LLC increased its stake in shares of Forte Biosciences by 101.8% in the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock worth $15,477,000 after buying an additional 603,867 shares during the last quarter. Finally, Cable Car Capital LP raised its holdings in Forte Biosciences by 127.7% in the second 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 in the last quarter. 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.