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

Forte Biosciences, Inc. (NASDAQ:FBRX) was the target of unusually large options trading activity on Wednesday. Stock investors bought 30,205 call options on the company. This is an increase of 1,663% compared to the typical daily volume of 1,713 call options.

Forte Biosciences Trading Up 1.5%

Shares of NASDAQ FBRX opened at $29.67 on Friday. The stock has a market capitalization of $371.77 million, a PE ratio of -8.94 and a beta of 3.22. The stock has a fifty day simple moving average of $28.90 and a 200-day simple moving average of $19.02. Forte Biosciences has a twelve month low of $4.90 and a twelve month high of $35.62.

Wall Street Analyst Weigh In

Several analysts recently weighed in on FBRX shares. Wall Street Zen downgraded Forte Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forte Biosciences in a research report on Monday, December 29th. Evercore initiated coverage on Forte Biosciences in a report on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 price objective on the stock. Finally, Chardan Capital restated a “buy” rating and set a $61.00 target price on shares of Forte Biosciences in a research report on Monday, November 17th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Forte Biosciences has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Institutional Trading of Forte Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in FBRX. Federated Hermes Inc. increased its stake in Forte Biosciences by 8.0% in the 4th quarter. Federated Hermes Inc. now owns 1,765,516 shares of the company’s stock valued at $48,146,000 after buying an additional 130,136 shares during the period. Fred Alger Management LLC grew its position in shares of Forte Biosciences by 1.1% in the third 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. Janus Henderson Group PLC increased its stake in shares of Forte Biosciences by 1.6% during the 4th quarter. Janus Henderson Group PLC now owns 1,425,785 shares of the company’s stock worth $39,159,000 after purchasing an additional 21,943 shares in the last quarter. Orbimed Advisors LLC increased its position in Forte Biosciences by 101.8% during 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 in the last quarter. Finally, Tybourne Capital Management HK Ltd. raised its holdings in shares of 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 acquiring an additional 166,666 shares during the last quarter. 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.