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

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

Hedge Funds Weigh In On Forte Biosciences

Several institutional investors have recently bought and sold shares of FBRX. Global Retirement Partners LLC purchased a new stake in Forte Biosciences in the fourth quarter worth $27,000. Bank of America Corp DE grew its stake in shares of Forte Biosciences by 5,641.8% during 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 period. Jane Street Group LLC bought a new position in shares of Forte Biosciences during the 4th quarter worth $228,000. Persistent Asset Partners Ltd purchased a new stake in Forte Biosciences in the 4th quarter worth about $277,000. Finally, Alps Advisors Inc. bought a new stake in Forte Biosciences in the 4th quarter valued at about $281,000. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Wall Street Analyst Weigh In

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

Forte Biosciences Price Performance

Shares of Forte Biosciences stock opened at $29.23 on Thursday. The firm has a market cap of $366.25 million, a PE ratio of -8.80 and a beta of 3.22. Forte Biosciences has a 1 year low of $4.90 and a 1 year high of $35.62. The stock has a fifty day moving average price of $28.76 and a 200-day moving average price of $18.95.

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.