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

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

Forte Biosciences Stock Up 3.6%

Forte Biosciences stock opened at $31.50 on Thursday. Forte Biosciences has a 52-week low of $4.90 and a 52-week high of $35.46. The firm’s fifty day moving average is $23.74 and its 200 day moving average is $16.11. The company has a market cap of $394.70 million, a price-to-earnings ratio of -9.49 and a beta of 3.22.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.99) EPS for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.05. On average, equities research analysts anticipate that Forte Biosciences will post -12.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FBRX shares. Evercore ISI started coverage on shares of Forte Biosciences in a report on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 target price on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forte Biosciences in a report on Monday, December 29th. Wall Street Zen cut shares of Forte Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Finally, Chardan Capital reissued a “buy” rating and set a $61.00 price objective on shares of Forte Biosciences in a report on Monday, November 17th. Three equities research 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 an average target price of $67.00.

Institutional Investors Weigh In On Forte Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FBRX. Fred Alger Management LLC lifted its stake in shares of Forte Biosciences by 1.1% in the 3rd quarter. Fred Alger Management LLC now owns 1,636,030 shares of the company’s stock valued at $24,540,000 after purchasing an additional 17,381 shares during the last quarter. Federated Hermes Inc. raised its holdings in Forte Biosciences by 52.5% during the 3rd quarter. Federated Hermes Inc. now owns 1,635,380 shares of the company’s stock valued at $24,531,000 after buying an additional 563,147 shares during the period. Orbimed Advisors LLC lifted its position in Forte Biosciences by 101.8% in the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock worth $15,477,000 after buying an additional 603,867 shares during the last quarter. Tybourne Capital Management HK Ltd. lifted its position in Forte Biosciences by 26.9% in the second quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock worth $10,171,000 after buying an additional 166,666 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Forte Biosciences by 16.4% during the third quarter. Vanguard Group Inc. now owns 566,741 shares of the company’s stock worth $8,501,000 after buying an additional 79,822 shares during the period. 77.63% of the stock is currently 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.