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

Forte Biosciences, Inc. (NASDAQ:FBRX) was the recipient of some unusual options trading on Wednesday. Stock traders purchased 30,205 call options on the company. This represents an increase of 1,663% compared to the average daily volume of 1,713 call options.

Forte Biosciences Trading Down 4.6%

FBRX stock opened at $19.08 on Thursday. The company has a market capitalization of $239.07 million, a P/E ratio of -5.75 and a beta of 2.98. The business has a 50 day simple moving average of $14.28 and a 200-day simple moving average of $12.02. Forte Biosciences has a twelve month low of $4.90 and a twelve month high of $28.68.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on FBRX shares. Evercore ISI began coverage on Forte Biosciences in a research report on Tuesday. They issued an “outperform” rating and a $65.00 price target on the stock. Guggenheim started coverage on Forte Biosciences in a research note on Monday, August 18th. They set a “buy” rating and a $75.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a research note on Thursday, November 20th. Wall Street Zen downgraded shares of Forte Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Finally, Chardan Capital restated a “buy” rating and issued a $61.00 target price on shares of Forte Biosciences in a report on Monday, November 17th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $67.00.

Institutional Investors Weigh In On Forte Biosciences

Several hedge funds have recently made changes to their positions in FBRX. AlphaQuest LLC acquired a new position in Forte Biosciences in the 1st quarter valued at about $33,000. Bank of America Corp DE grew its stake in shares of Forte Biosciences by 5,641.8% in 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 last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Forte Biosciences in the third quarter valued at approximately $161,000. Citadel Advisors LLC purchased a new stake in shares of Forte Biosciences during the third quarter worth approximately $234,000. Finally, Envestnet Asset Management Inc. purchased a new stake in shares of Forte Biosciences during the second quarter worth approximately $244,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

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.