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

Forte Biosciences, Inc. (NASDAQ:FBRX) was the recipient of unusually large options trading activity on Wednesday. Stock investors purchased 30,205 call options on the stock. This is an increase of approximately 1,663% compared to the typical volume of 1,713 call options.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its stake in Forte Biosciences by 52.5% during the third quarter. Federated Hermes Inc. now owns 1,635,380 shares of the company’s stock worth $24,531,000 after purchasing an additional 563,147 shares during the period. Mink Brook Asset Management LLC grew its stake in shares of Forte Biosciences by 109.1% in the 3rd quarter. Mink Brook Asset Management LLC now owns 81,312 shares of the company’s stock valued at $1,220,000 after buying an additional 42,419 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Forte Biosciences in the 2nd quarter valued at approximately $4,310,000. State Street Corp increased its holdings in shares of Forte Biosciences by 33.1% during the 4th quarter. State Street Corp now owns 50,721 shares of the company’s stock worth $1,383,000 after buying an additional 12,624 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Forte Biosciences by 89.4% during the 4th quarter. Marshall Wace LLP now owns 36,297 shares of the company’s stock worth $990,000 after buying an additional 17,132 shares during the last quarter. 77.63% of the stock is owned by institutional investors and hedge funds.

Forte Biosciences Stock Up 2.9%

FBRX opened at $25.58 on Friday. The company has a market cap of $320.52 million, a PE ratio of -5.36 and a beta of 3.20. Forte Biosciences has a twelve month low of $4.90 and a twelve month high of $35.62. The company has a 50-day moving average price of $28.83 and a 200 day moving average price of $22.46.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings data on Tuesday, March 31st. The company reported ($1.45) EPS for the quarter, missing the consensus estimate of ($1.42) by ($0.03). As a group, sell-side analysts expect that Forte Biosciences will post -12.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Forte Biosciences in a report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Forte Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price 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.