Stock Traders Buy High Volume of Call Options on Forte Biosciences (NASDAQ:FBRX)

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

Forte Biosciences Trading Down 6.0%

Shares of Forte Biosciences stock opened at $24.85 on Thursday. The company has a market capitalization of $311.37 million, a P/E ratio of -7.48 and a beta of 3.24. The stock has a fifty day simple moving average of $29.93 and a 200 day simple moving average of $21.42. Forte Biosciences has a 12-month low of $4.90 and a 12-month high of $35.62.

Institutional Trading of Forte Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. bought a new stake in Forte Biosciences in the 2nd quarter worth about $13,864,000. Orbimed Advisors LLC boosted its stake in shares of Forte Biosciences by 101.8% in the 2nd 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. Adage Capital Partners GP L.L.C. purchased a new position in shares of Forte Biosciences in the 2nd quarter worth approximately $4,310,000. Cable Car Capital LP grew its holdings in shares of Forte Biosciences by 127.7% in the second quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock valued at $6,465,000 after acquiring 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 valued at approximately $5,520,000. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forte Biosciences in a research note on Monday, December 29th. Evercore 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. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.