Forte Biosciences Sees Unusually Large Options Volume (NASDAQ:FBRX)

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Global Retirement Partners LLC acquired a new position in shares of Forte Biosciences during the fourth quarter valued at about $27,000. Bank of America Corp DE raised 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 worth $47,000 after acquiring an additional 3,103 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Forte Biosciences in the 4th quarter worth about $228,000. Persistent Asset Partners Ltd bought a new position in Forte Biosciences in the 4th quarter valued at about $277,000. Finally, Alps Advisors Inc. bought a new position in Forte Biosciences in the 4th quarter valued at about $281,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

Forte Biosciences Stock Down 1.0%

Shares of NASDAQ:FBRX opened at $24.61 on Friday. Forte Biosciences has a twelve month low of $4.90 and a twelve month high of $35.62. The stock’s 50 day moving average is $29.94 and its 200-day moving average is $21.44. The firm has a market capitalization of $308.36 million, a price-to-earnings ratio of -7.41 and a beta of 3.24.

Wall Street Analysts Forecast Growth

FBRX has been the subject of several research analyst reports. Evercore initiated coverage on shares of Forte Biosciences in a research note on Tuesday, November 25th. They issued an “outperform” rating and a $65.00 price objective for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Forte Biosciences in a research note on Monday, December 29th. Three equities research 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, Forte Biosciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

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.