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

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

Forte Biosciences Stock Up 1.5%

FBRX opened at $24.66 on Thursday. The firm has a 50-day simple moving average of $27.84 and a two-hundred day simple moving average of $25.44. Forte Biosciences has a 52 week low of $6.70 and a 52 week high of $35.80. The company has a market capitalization of $342.53 million, a PE ratio of -5.31 and a beta of 3.01.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings data on Monday, May 11th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.08). As a group, sell-side analysts expect that Forte Biosciences will post -4.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FBRX. Wall Street Zen lowered Forte Biosciences from a “sell” rating to a “strong sell” rating in a research note on Sunday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Forte Biosciences in a research note on Friday, March 27th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $67.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Candriam S.C.A. bought a new position in shares of Forte Biosciences during the 1st quarter valued at about $2,196,000. Quadrature Capital Ltd bought a new position in shares of Forte Biosciences in the 4th quarter valued at about $479,000. Millennium Management LLC lifted its holdings in shares of Forte Biosciences by 105.9% in the 4th quarter. Millennium Management LLC now owns 246,685 shares of the company’s stock valued at $6,727,000 after acquiring an additional 126,873 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Forte Biosciences by 1.6% in the 4th quarter. Janus Henderson Group PLC now owns 1,425,785 shares of the company’s stock valued at $39,159,000 after acquiring an additional 21,943 shares during the last quarter. Finally, 683 Capital Management LLC bought a new position in shares of Forte Biosciences in the 4th quarter valued at about $1,091,000. Institutional investors own 77.63% of the company’s stock.

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.