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

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

Forte Biosciences Price Performance

Shares of NASDAQ:FBRX opened at $32.04 on Thursday. Forte Biosciences has a 12 month low of $4.90 and a 12 month high of $35.62. The firm has a market capitalization of $401.46 million, a P/E ratio of -9.65 and a beta of 3.22. The company’s fifty day moving average price is $26.64 and its 200 day moving average price is $17.59.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.99) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.04) by $0.05. On average, sell-side analysts anticipate that Forte Biosciences will post -12.12 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on FBRX. Wall Street Zen downgraded Forte Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Evercore ISI began coverage on shares of Forte Biosciences in a report on Tuesday, November 25th. They set an “outperform” rating and a $65.00 price target for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Forte Biosciences in a report on Monday, December 29th. Finally, Chardan Capital reiterated a “buy” rating and set a $61.00 target price on shares of Forte Biosciences in a research note 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. According to data from MarketBeat, Forte Biosciences currently has an average rating of “Moderate Buy” and an average price target of $67.00.

Institutional Investors Weigh In On Forte Biosciences

Large investors have recently modified their holdings of the company. Bank of America Corp DE increased its holdings in shares of Forte Biosciences by 5,641.8% in the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock valued at $47,000 after acquiring an additional 3,103 shares during the period. Dimensional Fund Advisors LP acquired a new position in Forte Biosciences in the third quarter valued at $161,000. Citadel Advisors LLC purchased a new stake in shares of Forte Biosciences in the third quarter valued at about $234,000. AlphaQuest LLC raised 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 buying an additional 12,680 shares during the last quarter. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Forte Biosciences during the second quarter worth about $244,000. 77.63% of the stock is owned by institutional investors and hedge funds.

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.