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

Forte Biosciences, Inc. (NASDAQ:FBRX) saw unusually large options trading activity on Wednesday. Investors purchased 30,205 call options on the stock. This represents an increase of 1,663% compared to the average daily volume of 1,713 call options.

Forte Biosciences Trading Down 8.1%

FBRX opened at $24.18 on Friday. Forte Biosciences has a 12 month low of $4.90 and a 12 month high of $31.27. The business’s 50-day moving average price is $20.39 and its 200-day moving average price is $14.94. The company has a market cap of $302.98 million, a P/E ratio of -7.28 and a beta of 3.22.

Forte Biosciences (NASDAQ:FBRX) last issued its earnings results on Friday, November 14th. The company reported ($0.99) earnings per share for the quarter, beating the consensus estimate of ($1.04) by $0.05. Equities research analysts forecast that Forte Biosciences will post -12.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Fred Alger Management LLC raised its holdings in Forte Biosciences by 1.1% during the 3rd quarter. Fred Alger Management LLC now owns 1,636,030 shares of the company’s stock valued at $24,540,000 after buying an additional 17,381 shares during the last quarter. Federated Hermes Inc. increased its position in shares of Forte Biosciences by 52.5% in the third quarter. Federated Hermes Inc. now owns 1,635,380 shares of the company’s stock valued at $24,531,000 after acquiring an additional 563,147 shares during the period. Orbimed Advisors LLC raised its stake in shares of Forte Biosciences by 101.8% during the second 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. Tybourne Capital Management HK Ltd. raised its stake in shares of Forte Biosciences by 26.9% during the second quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock valued at $10,171,000 after acquiring an additional 166,666 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Forte Biosciences by 16.4% during the third quarter. Vanguard Group Inc. now owns 566,741 shares of the company’s stock worth $8,501,000 after purchasing an additional 79,822 shares during the period. 77.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FBRX shares. Wall Street Zen downgraded Forte Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Evercore ISI assumed coverage on Forte Biosciences in a research report on Tuesday, November 25th. They set an “outperform” rating and a $65.00 price objective on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Forte Biosciences in a report on Monday, December 29th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $61.00 target price on shares of Forte Biosciences in a research note on Monday, November 17th. Four investment 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 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.