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

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

Institutional Trading of Forte Biosciences

Several large investors have recently bought and sold shares of FBRX. Global Retirement Partners LLC acquired a new position in shares of Forte Biosciences during the fourth quarter worth $27,000. Bank of America Corp DE lifted its holdings in Forte Biosciences by 5,641.8% in the 3rd quarter. Bank of America Corp DE now owns 3,158 shares of the company’s stock worth $47,000 after buying an additional 3,103 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in Forte Biosciences in the 3rd quarter valued at about $161,000. Jane Street Group LLC acquired a new stake in shares of Forte Biosciences during the fourth quarter valued at about $228,000. Finally, Citadel Advisors LLC purchased a new stake in shares of Forte Biosciences during the third quarter worth about $234,000. Institutional investors and hedge funds own 77.63% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings restated 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 assigned a Sell rating to the stock. Based on data from MarketBeat, Forte Biosciences has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Forte Biosciences Trading Down 4.9%

Shares of FBRX stock opened at $26.66 on Friday. The company’s fifty day simple moving average is $28.35 and its 200-day simple moving average is $24.63. Forte Biosciences has a 52 week low of $6.13 and a 52 week high of $35.80. The company has a market cap of $370.31 million, a PE ratio of -5.59 and a beta of 3.20.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings results on Tuesday, March 31st. The company reported ($1.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.42) by ($0.03). Equities research analysts expect that Forte Biosciences will post -4.63 EPS for the current fiscal year.

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.