Forte Biosciences Target of Unusually High Options Trading (NASDAQ:FBRX)

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

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Forte Biosciences in a report on Friday, March 27th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $67.00.

Forte Biosciences Stock Performance

NASDAQ:FBRX opened at $24.86 on Thursday. Forte Biosciences has a 52 week low of $4.90 and a 52 week high of $35.62. The firm has a 50-day moving average price of $28.96 and a two-hundred day moving average price of $22.44. The firm has a market cap of $311.50 million, a price-to-earnings ratio of -5.21 and a beta of 3.20.

Forte Biosciences (NASDAQ:FBRX) last announced its earnings results on Tuesday, March 31st. The company reported ($1.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.42) by ($0.03). As a group, sell-side analysts forecast that Forte Biosciences will post -12.12 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. purchased a new stake in shares of Forte Biosciences during the 2nd quarter valued at $13,864,000. Orbimed Advisors LLC boosted its holdings 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 about $4,310,000. Cable Car Capital LP grew its position in Forte Biosciences by 127.7% during the second quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock valued at $6,465,000 after buying an additional 280,396 shares during the period. Finally, Jain Global LLC bought a new position in Forte Biosciences during the fourth quarter valued at about $5,520,000. Institutional investors own 77.63% of the company’s stock.

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.