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

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

Forte Biosciences Trading Up 3.6%

Shares of FBRX opened at $31.50 on Thursday. The stock’s 50-day moving average price is $23.74 and its two-hundred day moving average price is $16.11. Forte Biosciences has a 12 month low of $4.90 and a 12 month high of $35.46. The company has a market capitalization of $394.70 million, a PE ratio of -9.49 and a beta of 3.22.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly 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 predict that Forte Biosciences will post -12.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FBRX has been the topic of several recent research reports. Evercore ISI began coverage on Forte Biosciences in a report on Tuesday, November 25th. They set an “outperform” rating and a $65.00 price objective on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forte Biosciences in a research report on Monday, December 29th. Wall Street Zen lowered Forte Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $61.00 price objective 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 given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $67.00.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FBRX. Fred Alger Management LLC lifted its position in shares of Forte Biosciences by 1.1% in the 3rd quarter. Fred Alger Management LLC now owns 1,636,030 shares of the company’s stock worth $24,540,000 after purchasing an additional 17,381 shares during the period. Federated Hermes Inc. raised its stake in Forte Biosciences by 52.5% during the third quarter. Federated Hermes Inc. now owns 1,635,380 shares of the company’s stock worth $24,531,000 after buying an additional 563,147 shares during the last quarter. Orbimed Advisors LLC lifted its holdings in Forte Biosciences by 101.8% in the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after buying an additional 603,867 shares during the period. Tybourne Capital Management HK Ltd. lifted its holdings in Forte Biosciences by 26.9% in the second 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. Finally, Vanguard Group Inc. boosted 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 acquiring an additional 79,822 shares during the last quarter. Institutional investors own 77.63% of the company’s stock.

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.