Stock Traders Purchase Large Volume of Forte Biosciences Call Options (NASDAQ:FBRX)

Forte Biosciences, Inc. (NASDAQ:FBRX) was the target of 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 average volume of 1,713 call options.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FBRX. Wall Street Zen cut shares of Forte Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forte Biosciences in a report on Monday, December 29th. Evercore ISI assumed coverage on Forte Biosciences in a research report on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 target price for the company. Finally, Chardan Capital restated a “buy” rating and set a $61.00 price target on shares of Forte Biosciences in a research report on Monday, November 17th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $67.00.

Forte Biosciences Stock Performance

Shares of NASDAQ:FBRX opened at $32.00 on Friday. The firm has a market cap of $400.96 million, a price-to-earnings ratio of -9.64 and a beta of 3.22. The business has a 50-day simple moving average of $24.10 and a two-hundred day simple moving average of $16.22. Forte Biosciences has a fifty-two week low of $4.90 and a fifty-two week high of $35.46.

Forte Biosciences (NASDAQ:FBRX) last posted its earnings results on Friday, November 14th. The company reported ($0.99) EPS for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.05. As a group, research analysts predict that Forte Biosciences will post -12.12 earnings per share for the current year.

Institutional Trading of Forte Biosciences

Several large investors have recently added to or reduced their stakes in FBRX. Fred Alger Management LLC boosted its stake in shares of Forte Biosciences by 1.1% during the 3rd quarter. Fred Alger Management LLC now owns 1,636,030 shares of the company’s stock worth $24,540,000 after acquiring an additional 17,381 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of Forte Biosciences by 52.5% in the 3rd quarter. Federated Hermes Inc. now owns 1,635,380 shares of the company’s stock worth $24,531,000 after purchasing an additional 563,147 shares in the last quarter. Orbimed Advisors LLC raised its holdings in 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 purchasing an additional 603,867 shares during the period. Tybourne Capital Management HK Ltd. lifted its position in 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 purchasing an additional 166,666 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Forte Biosciences by 16.4% during the third quarter. Vanguard Group Inc. now owns 566,741 shares of the company’s stock valued at $8,501,000 after purchasing an additional 79,822 shares in the last quarter. 77.63% of the stock is currently owned by institutional investors.

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.