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

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

Hedge Funds Weigh In On Forte Biosciences

Institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC purchased a new position in shares of Forte Biosciences during the fourth quarter worth approximately $27,000. Bank of America Corp DE increased its position in shares of Forte Biosciences by 5,641.8% during the third quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock worth $47,000 after acquiring an additional 3,103 shares during the period. Dimensional Fund Advisors LP purchased a new position in shares of Forte Biosciences during the third quarter worth approximately $161,000. Jane Street Group LLC purchased a new position in shares of Forte Biosciences during the fourth quarter worth approximately $228,000. Finally, Citadel Advisors LLC purchased a new position in shares of Forte Biosciences during the third quarter worth approximately $234,000. 77.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on FBRX shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forte Biosciences in a report on Friday, March 27th. Wall Street Zen downgraded shares of Forte Biosciences from a “sell” rating to a “strong sell” rating in a report on Sunday. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Forte Biosciences Price Performance

Forte Biosciences stock opened at $24.66 on Thursday. Forte Biosciences has a 1-year low of $6.70 and a 1-year high of $35.80. The firm has a market capitalization of $342.53 million, a P/E ratio of -5.31 and a beta of 3.01. The company’s 50-day moving average is $27.84 and its 200 day moving average is $25.44.

Forte Biosciences (NASDAQ:FBRX) last issued its earnings results on Monday, May 11th. The company reported ($1.24) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.08). Research analysts anticipate that Forte Biosciences will post -4.63 earnings per share for the current fiscal year.

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.