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

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

Institutional Investors Weigh In On Forte Biosciences

Several large investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its stake in Forte Biosciences by 5,641.8% during 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 period. AlphaQuest LLC bought a new position in Forte Biosciences during the first quarter valued at approximately $33,000. Dimensional Fund Advisors LP purchased a new stake in Forte Biosciences in the third quarter worth approximately $161,000. Citadel Advisors LLC bought a new stake in Forte Biosciences in the 3rd quarter worth approximately $234,000. Finally, Envestnet Asset Management Inc. bought a new stake in Forte Biosciences in the 2nd quarter worth approximately $244,000. 77.63% of the stock is currently owned by institutional investors.

Forte Biosciences Stock Up 2.3%

Shares of FBRX opened at $27.26 on Friday. The company has a market capitalization of $341.57 million, a P/E ratio of -8.21 and a beta of 3.26. The firm has a 50 day moving average of $17.81 and a 200 day moving average of $14.05. Forte Biosciences has a twelve month low of $4.90 and a twelve month high of $31.27.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings data on Friday, November 14th. The company reported ($0.99) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.05. On average, sell-side analysts expect that Forte Biosciences will post -12.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Forte Biosciences in a report on Monday, December 15th. Wall Street Zen downgraded Forte Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Chardan Capital reiterated a “buy” rating and set a $61.00 price objective on shares of Forte Biosciences in a research note on Monday, November 17th. Finally, Evercore ISI began coverage on Forte Biosciences in a report on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $67.00.

About Forte Biosciences

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.