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

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

Forte Biosciences Stock Performance

Shares of Forte Biosciences stock opened at $7.26 on Thursday. The company’s 50 day moving average price is $7.76 and its 200-day moving average price is $11.51. Forte Biosciences has a 52-week low of $4.11 and a 52-week high of $28.68. The stock has a market capitalization of $47.79 million, a price-to-earnings ratio of -0.45 and a beta of 2.52.

Hedge Funds Weigh In On Forte Biosciences

A number of hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. grew its stake in shares of Forte Biosciences by 70,000.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company’s stock worth $48,000 after purchasing an additional 2,100 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Forte Biosciences by 18.3% in 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 purchased a new position in shares of Forte Biosciences during the fourth quarter valued at approximately $412,000. Boothbay Fund Management LLC bought a new position in shares of Forte Biosciences during the fourth quarter valued at approximately $2,026,000. Finally, Woodline Partners LP purchased a new stake in Forte Biosciences in the fourth quarter worth $4,639,000. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. TD Cowen assumed coverage on shares of Forte Biosciences in a report on Tuesday, January 21st. They set a “buy” rating on the stock. Chardan Capital decreased their price objective on Forte Biosciences from $64.00 to $61.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st.

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.