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

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

Hedge Funds Weigh In On Forte Biosciences

Large investors have recently added to or reduced their stakes in the company. Orbimed Advisors LLC lifted its holdings 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 valued at $15,477,000 after purchasing an additional 603,867 shares during the last quarter. Federated Hermes Inc. lifted its holdings 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 valued at $24,531,000 after purchasing an additional 563,147 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Forte Biosciences during the 2nd quarter valued at $4,310,000. Cable Car Capital LP lifted its holdings in shares of Forte Biosciences by 127.7% during the 2nd quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock valued at $6,465,000 after purchasing an additional 280,396 shares during the last quarter. Finally, Jain Global LLC purchased a new position in shares of Forte Biosciences in the 4th quarter valued at approximately $5,520,000. 77.63% of the stock is currently owned by institutional investors.

Forte Biosciences Trading Down 2.8%

FBRX opened at $23.96 on Friday. Forte Biosciences has a 12-month low of $7.00 and a 12-month high of $35.80. The business’s fifty day simple moving average is $27.71 and its 200-day simple moving average is $25.52. The company has a market capitalization of $332.80 million, a price-to-earnings ratio of -5.16 and a beta of 3.01.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings data on Monday, May 11th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.08). On average, equities research analysts predict that Forte Biosciences will post -4.57 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Forte Biosciences in a research note on Friday, March 27th. Wall Street Zen cut shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a research report on Sunday, May 10th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $67.00.

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.