Traders Buy High Volume of Forte Biosciences Call Options (NASDAQ:FBRX)

Forte Biosciences, Inc. (NASDAQ:FBRX) saw unusually large options trading on Wednesday. Traders purchased 30,205 call options on the stock. This is an increase of 1,663% compared to the average volume of 1,713 call options.

Hedge Funds Weigh In On Forte Biosciences

An institutional investor recently bought a new position in Forte Biosciences stock. Cable Car Capital LLC acquired a new position in Forte Biosciences, Inc. (NASDAQ:FBRX) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,031,987 shares of the company’s stock, valued at approximately $1,670,000. Forte Biosciences accounts for approximately 1.9% of Cable Car Capital LLC’s portfolio, making the stock its 18th largest holding. Cable Car Capital LLC owned 5.59% of Forte Biosciences at the end of the most recent reporting period. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FBRX. Chardan Capital reissued a “buy” rating and set a $3.00 target price on shares of Forte Biosciences in a research note on Monday. Brookline Capital Management initiated coverage on shares of Forte Biosciences in a report on Thursday, May 30th. They issued a “buy” rating and a $4.00 price target on the stock.

Forte Biosciences Price Performance

FBRX opened at $0.33 on Thursday. The stock has a market capitalization of $12.08 million, a price-to-earnings ratio of -0.38 and a beta of 0.09. The firm has a 50 day moving average price of $0.50 and a 200-day moving average price of $0.62. Forte Biosciences has a twelve month low of $0.28 and a twelve month high of $0.91.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.11). As a group, analysts expect that Forte Biosciences will post -0.59 earnings per share for the current year.

Forte Biosciences Company Profile

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.