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

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

Analyst Upgrades and Downgrades

FBRX has been the subject of several recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Forte Biosciences in a research note on Friday, October 31st. Guggenheim assumed coverage on Forte Biosciences in a report on Monday, August 18th. They set a “buy” rating and a $75.00 price target for the company. Wall Street Zen raised Forte Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, November 1st. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $61.00 target price on shares of Forte Biosciences in a research report on Friday, August 15th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $68.00.

Forte Biosciences Trading Up 2.6%

Shares of NASDAQ FBRX opened at $14.46 on Thursday. The stock has a market capitalization of $179.74 million, a PE ratio of -2.10 and a beta of 2.98. Forte Biosciences has a twelve month low of $4.90 and a twelve month high of $28.68. The stock has a fifty day simple moving average of $13.00 and a 200-day simple moving average of $11.26.

Forte Biosciences (NASDAQ:FBRX) last announced its earnings results on Thursday, August 14th. The company reported ($0.96) EPS for the quarter, beating analysts’ consensus estimates of ($1.21) by $0.25. On average, equities analysts predict that Forte Biosciences will post -12.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. AlphaQuest LLC grew its holdings in shares of Forte Biosciences by 300.7% in the second quarter. AlphaQuest LLC now owns 16,897 shares of the company’s stock valued at $218,000 after purchasing an additional 12,680 shares in the last quarter. Tybourne Capital Management HK Ltd. boosted its position in Forte Biosciences by 26.9% in the 2nd quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock valued at $10,171,000 after buying an additional 166,666 shares during the period. Cable Car Capital LP boosted its position in Forte Biosciences by 127.7% in the 2nd 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. Adage Capital Partners GP L.L.C. acquired a new position in shares of Forte Biosciences in the second quarter worth $4,310,000. Finally, Perceptive Advisors LLC purchased a new stake in shares of Forte Biosciences during the second quarter worth $882,000. Hedge funds and other institutional investors own 77.63% of the company’s stock.

About Forte Biosciences

Forte Biosciences, Inc operates as a biopharmaceutical company in the United States. The company is developing FB-102 program that addresses various autoimmune diseases, such as graft-versus-host disease, and vitiligo and alopecia areata. Forte Biosciences, Inc is headquartered in Dallas, Texas.