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

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

Institutional Investors Weigh In On Forte Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Federated Hermes Inc. purchased a new position in Forte Biosciences during the second quarter worth about $13,864,000. Orbimed Advisors LLC boosted its position in shares of Forte Biosciences by 101.8% during the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after acquiring an additional 603,867 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Forte Biosciences during the second quarter worth about $4,310,000. Cable Car Capital LP grew its holdings in shares of Forte Biosciences by 127.7% during the second quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock worth $6,465,000 after purchasing an additional 280,396 shares in the last quarter. Finally, Jain Global LLC bought a new position in shares of Forte Biosciences in the fourth quarter worth approximately $5,520,000. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Forte Biosciences Trading Down 4.7%

Shares of NASDAQ:FBRX opened at $30.28 on Friday. The company has a 50 day moving average of $29.64 and a 200 day moving average of $20.36. The stock has a market cap of $379.32 million, a P/E ratio of -9.12 and a beta of 3.24. Forte Biosciences has a 12 month low of $4.90 and a 12 month high of $35.62.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on FBRX shares. Weiss Ratings restated a “sell (e+)” rating on shares of Forte Biosciences in a research note on Monday, December 29th. Evercore initiated coverage on shares of Forte Biosciences in a research report on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 price target on the stock. Chardan Capital restated a “buy” rating and set a $61.00 price target on shares of Forte Biosciences in a research note on Monday, November 17th. Finally, Wall Street Zen downgraded shares of Forte Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

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.