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

Forte Biosciences, Inc. (NASDAQ:FBRX) saw some unusual options trading on Wednesday. Investors 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.

Forte Biosciences Trading Up 2.3%

Shares of NASDAQ FBRX opened at $27.26 on Thursday. The company has a 50 day simple moving average of $17.50 and a two-hundred day simple moving average of $13.96. The stock has a market cap of $341.57 million, a price-to-earnings ratio of -8.21 and a beta of 3.26. Forte Biosciences has a 12 month low of $4.90 and a 12 month high of $31.27.

Forte Biosciences (NASDAQ:FBRX) last issued its earnings results on Friday, November 14th. The company reported ($0.99) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.04) by $0.05. Analysts forecast that Forte Biosciences will post -12.12 EPS for the current year.

Hedge Funds Weigh In On Forte Biosciences

Institutional investors and hedge funds have recently modified their holdings of the stock. AlphaQuest LLC acquired a new stake in Forte Biosciences during the first quarter worth about $33,000. Envestnet Asset Management Inc. purchased a new stake in Forte Biosciences in the 2nd quarter worth approximately $244,000. Tybourne Capital Management HK Ltd. boosted its position in Forte Biosciences by 26.9% in the 2nd quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock worth $10,171,000 after purchasing an additional 166,666 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Forte Biosciences by 6.7% during the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock worth $829,000 after purchasing an additional 4,028 shares during the period. Finally, Federated Hermes Inc. purchased a new position in shares of Forte Biosciences during the 2nd quarter valued at approximately $13,864,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FBRX shares. Evercore ISI initiated coverage on Forte Biosciences in a report on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a research note on Monday, December 15th. 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 reaffirmed a “buy” rating and issued a $61.00 price target 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 issued a Sell rating to the company. According to MarketBeat.com, Forte Biosciences currently has a consensus 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.