Investors Buy Large Volume of Put Options on Forte Biosciences (NASDAQ:FBRX)

Forte Biosciences, Inc. (NASDAQ:FBRX) was the target of some unusual options trading on Monday. Stock investors purchased 2,105 put options on the stock. This is an increase of approximately 2,116% compared to the average volume of 95 put options.

Forte Biosciences News Roundup

Here are the key news stories impacting Forte Biosciences this week:

• Positive Sentiment: argenx will acquire all outstanding Forte shares for $77 per share in cash, representing roughly a 41% premium to Forte’s prior closing price. The transaction gives investors a defined cash-out value, subject to customary closing conditions. Argenx to buy Forte Biosciences for about $2.2 billion
• Positive Sentiment: The acquisition gives argenx access to Forte’s experimental autoimmune therapy FB102, strengthening argenx’s immunology pipeline and providing strategic validation for Forte’s drug-development platform. Argenx Secures Promising Autoimmune Drug In Forte Biosciences Takeover
• Positive Sentiment: The transaction values Forte at a substantial premium and has driven unusually heavy investor interest, with reports describing the stock as trading near the proposed offer price. Forte Biosciences shares surge after argenx agrees to acquire company for $2.2B

Forte Biosciences Stock Up 39.6%

FBRX stock opened at $76.50 on Tuesday. Forte Biosciences has a twelve month low of $9.10 and a twelve month high of $76.60. The company has a market cap of $1.06 billion, a P/E ratio of -16.49 and a beta of 2.85. The business’s fifty day moving average is $27.30 and its 200-day moving average is $28.24.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings data on Monday, May 11th. The company reported ($1.24) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.08). Research analysts anticipate that Forte Biosciences will post -4.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Forte Biosciences

Institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC bought a new position in Forte Biosciences during the 4th quarter worth approximately $27,000. Bank of America Corp DE increased its stake in Forte Biosciences by 5,641.8% in the third 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 in the last quarter. Dimensional Fund Advisors LP bought a new stake in Forte Biosciences in the third quarter valued at approximately $161,000. Jane Street Group LLC acquired a new stake in Forte Biosciences in the fourth quarter worth $228,000. Finally, Citadel Advisors LLC acquired a new stake in Forte Biosciences in the third quarter worth $234,000. 77.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FBRX has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Forte Biosciences in a research report on Wednesday, July 8th. Evercore set a $77.00 target price on shares of Forte Biosciences in a research report on Monday. Wall Street Zen lowered shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a research note on Saturday. Barclays started coverage on shares of Forte Biosciences in a research report on Tuesday, July 21st. They set an “overweight” rating and a $74.00 price target for the company. Finally, TD Cowen downgraded shares of Forte Biosciences to a “hold” rating in a research note on Monday. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $71.75.

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.