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

Forte Biosciences, Inc. (NASDAQ:FBRX) saw some unusual options trading on Wednesday. Stock traders bought 30,205 call options on the company. This represents an increase of 1,663% compared to the typical volume of 1,713 call options.

Forte Biosciences Stock Performance

NASDAQ FBRX opened at $29.23 on Thursday. The firm has a market capitalization of $366.25 million, a P/E ratio of -8.80 and a beta of 3.22. The stock has a 50-day simple moving average of $28.76 and a two-hundred day simple moving average of $18.95. Forte Biosciences has a fifty-two week low of $4.90 and a fifty-two week high of $35.62.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Forte Biosciences

Several hedge funds have recently bought and sold shares of FBRX. AlphaQuest LLC increased its holdings in shares of Forte Biosciences by 300.7% during the 2nd 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. Envestnet Asset Management Inc. acquired a new stake in Forte Biosciences during the second quarter valued at $244,000. Tybourne Capital Management HK Ltd. increased 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 in the last quarter. Geode Capital Management LLC raised its position in shares of Forte Biosciences by 6.7% in the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company’s stock worth $829,000 after acquiring an additional 4,028 shares during the period. Finally, Federated Hermes Inc. acquired a new position in shares of Forte Biosciences in the second quarter worth about $13,864,000. Hedge funds and other 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.