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

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Mink Brook Asset Management LLC grew its position in shares of Forte Biosciences by 109.1% in the 3rd quarter. Mink Brook Asset Management LLC now owns 81,312 shares of the company’s stock valued at $1,220,000 after buying an additional 42,419 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Forte Biosciences by 66.1% in the third quarter. Millennium Management LLC now owns 119,812 shares of the company’s stock worth $1,797,000 after acquiring an additional 47,696 shares during the period. Fred Alger Management LLC lifted its stake in shares of Forte Biosciences by 1.1% in 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 during the period. Citadel Advisors LLC bought a new stake in Forte Biosciences in the third quarter valued at approximately $234,000. Finally, Bank of America Corp DE increased its position in Forte Biosciences by 5,641.8% during the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after purchasing an additional 3,103 shares during the period. 77.63% of the stock is owned by institutional investors and hedge funds.

Forte Biosciences Price Performance

NASDAQ:FBRX opened at $26.30 on Thursday. Forte Biosciences has a one year low of $4.90 and a one year high of $31.27. The company has a market cap of $329.54 million, a PE ratio of -7.92 and a beta of 3.22. The firm’s 50 day simple moving average is $20.17 and its 200 day simple moving average is $14.88.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings results on Friday, November 14th. The company reported ($0.99) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.05. Equities research analysts expect that Forte Biosciences will post -12.12 EPS for the current year.

Analyst Ratings Changes

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