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

Forte Biosciences, Inc. (NASDAQ:FBRX) saw some unusual options trading on Wednesday. Investors bought 30,205 call options on the company. This represents an increase of 1,663% compared to the typical volume of 1,713 call options.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its holdings in shares of Forte Biosciences by 70,000.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company’s stock valued at $48,000 after purchasing an additional 2,100 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Forte Biosciences by 18.3% during the 4th quarter. Geode Capital Management LLC now owns 16,877 shares of the company’s stock worth $383,000 after buying an additional 2,607 shares during the last quarter. Acuta Capital Partners LLC acquired a new position in shares of Forte Biosciences during the 4th quarter worth about $412,000. Boothbay Fund Management LLC purchased a new position in shares of Forte Biosciences in the 4th quarter valued at about $2,026,000. Finally, Woodline Partners LP acquired a new stake in shares of Forte Biosciences during the 4th quarter worth about $4,639,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FBRX. Chardan Capital reduced their price target on shares of Forte Biosciences from $64.00 to $61.00 and set a “buy” rating on the stock in a research report on Tuesday. TD Cowen initiated coverage on shares of Forte Biosciences in a report on Tuesday, January 21st. They set a “buy” rating on the stock.

Forte Biosciences Stock Performance

Shares of FBRX opened at $7.35 on Thursday. The stock has a 50-day simple moving average of $9.91 and a 200-day simple moving average of $11.65. Forte Biosciences has a 1 year low of $4.11 and a 1 year high of $28.68. The stock has a market capitalization of $46.99 million, a PE ratio of -0.45 and a beta of 2.35.

Forte Biosciences Company Profile

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.