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

Forte Biosciences, Inc. (NASDAQ:FBRX) saw some unusual options trading activity on Wednesday. Investors purchased 30,205 call options on the company. This represents an increase of 1,663% compared to the typical daily volume of 1,713 call options.

Forte Biosciences Stock Performance

FBRX stock opened at $24.85 on Thursday. The firm has a fifty day moving average price of $29.93 and a 200 day moving average price of $21.42. Forte Biosciences has a fifty-two week low of $4.90 and a fifty-two week high of $35.62. The firm has a market cap of $311.37 million, a PE ratio of -7.48 and a beta of 3.24.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FBRX shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Forte Biosciences in a report on Monday, December 29th. Evercore began coverage on Forte Biosciences in a research report on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 target price on the stock. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Hedge Funds Weigh In On Forte Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. Global Retirement Partners LLC purchased a new stake in shares of Forte Biosciences during the 4th quarter valued at about $27,000. Bank of America Corp DE lifted its holdings 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 acquiring an additional 3,103 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in Forte Biosciences in the third quarter worth about $161,000. Jane Street Group LLC purchased a new position in Forte Biosciences in the fourth quarter worth about $228,000. Finally, Citadel Advisors LLC bought a new stake in Forte Biosciences during the third quarter worth approximately $234,000. 77.63% of the stock is owned by hedge funds and other institutional investors.

Forte Biosciences Company Profile

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.