Stock Traders Buy Large Volume of Call Options on Forte Biosciences (NASDAQ:FBRX)

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

Forte Biosciences Price Performance

Shares of FBRX opened at $19.08 on Thursday. The firm has a market capitalization of $239.07 million, a price-to-earnings ratio of -5.75 and a beta of 2.98. Forte Biosciences has a 1-year low of $4.90 and a 1-year high of $28.68. The company has a 50-day moving average of $14.28 and a 200 day moving average of $12.02.

Forte Biosciences (NASDAQ:FBRX) last issued its earnings results on Friday, November 14th. The company reported ($0.99) EPS for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.05. On average, equities analysts anticipate that Forte Biosciences will post -12.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FBRX. Guggenheim initiated coverage on Forte Biosciences in a research report on Monday, August 18th. They set a “buy” rating and a $75.00 price objective on the stock. Chardan Capital restated a “buy” rating and set a $61.00 price target on shares of Forte Biosciences in a report on Monday, November 17th. Wall Street Zen lowered shares of Forte Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Forte Biosciences in a research note on Thursday, November 20th. Finally, Evercore ISI started coverage on shares of Forte Biosciences in a report on Tuesday. They issued an “outperform” rating and a $65.00 target price for the company. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $67.00.

Institutional Investors Weigh In On Forte Biosciences

Hedge funds have recently made changes to their positions in the company. AlphaQuest LLC raised its holdings in shares of Forte Biosciences by 300.7% in the second quarter. AlphaQuest LLC now owns 16,897 shares of the company’s stock valued at $218,000 after acquiring an additional 12,680 shares in the last quarter. Tybourne Capital Management HK Ltd. increased its position in Forte Biosciences by 26.9% during the 2nd quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock valued at $10,171,000 after purchasing an additional 166,666 shares during the period. Mink Brook Asset Management LLC bought a new stake in shares of Forte Biosciences in the 2nd quarter valued at about $503,000. Envestnet Asset Management Inc. lifted its position in shares of Forte Biosciences by 23.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 23,347 shares of the company’s stock worth $350,000 after purchasing an additional 4,491 shares during the period. Finally, Citadel Advisors LLC purchased a new stake in shares of Forte Biosciences in the 3rd quarter worth approximately $234,000. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

About Forte Biosciences

Forte Biosciences, Inc operates as a biopharmaceutical company in the United States. The company is developing FB-102 program that addresses various autoimmune diseases, such as graft-versus-host disease, and vitiligo and alopecia areata. Forte Biosciences, Inc is headquartered in Dallas, Texas.