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

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

Forte Biosciences Stock Down 9.5 %

FBRX opened at $0.67 on Thursday. The firm’s 50-day moving average price is $0.71 and its 200-day moving average price is $0.65. The company has a market cap of $24.42 million, a P/E ratio of -0.65 and a beta of 0.48. Forte Biosciences has a 52-week low of $0.38 and a 52-week high of $1.15.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings data on Monday, March 18th. The company reported ($0.04) EPS for the quarter. On average, research analysts anticipate that Forte Biosciences will post -0.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Forte Biosciences stock. Cable Car Capital LLC bought a new position in Forte Biosciences, Inc. (NASDAQ:FBRX) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 2,031,987 shares of the company’s stock, valued at approximately $1,670,000. Forte Biosciences comprises approximately 1.9% of Cable Car Capital LLC’s portfolio, making the stock its 18th biggest position. Cable Car Capital LLC owned about 5.59% of Forte Biosciences as of its most recent SEC filing. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, LADENBURG THALM/SH SH raised shares of Forte Biosciences from a “neutral” rating to a “buy” rating and set a $2.75 price objective for the company in a research note on Monday, April 8th.

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.