Forte Biosciences Target of Unusually High Options Trading (NASDAQ:FBRX)

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) was the target of unusually large options trading on Wednesday. Stock traders bought 30,205 call options on the stock. This represents an increase of 1,663% compared to the average daily volume of 1,713 call options.

Forte Biosciences Stock Up 0.2%

FBRX stock traded up $0.02 during midday trading on Friday, hitting $8.40. The company's stock had a trading volume of 27,014 shares, compared to its average volume of 157,954. Forte Biosciences has a 52-week low of $4.11 and a 52-week high of $28.68. The firm has a market capitalization of $55.30 million, a P/E ratio of -0.52 and a beta of 2.82. The firm has a 50-day simple moving average of $7.08 and a 200-day simple moving average of $12.06.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.48). On average, sell-side analysts expect that Forte Biosciences will post -12.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Forte Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in FBRX. Woodline Partners LP acquired a new stake in Forte Biosciences in the fourth quarter valued at approximately $4,639,000. JPMorgan Chase & Co. increased its position 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 during the last quarter. Geode Capital Management LLC raised its holdings 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 valued at $383,000 after purchasing an additional 2,607 shares in the last quarter. Tybourne Capital Management HK Ltd. raised its holdings in shares of Forte Biosciences by 327.6% in the 4th quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company's stock valued at $14,080,000 after purchasing an additional 475,000 shares in the last quarter. Finally, Fred Alger Management LLC lifted its position in shares of Forte Biosciences by 1,271.2% during the 4th quarter. Fred Alger Management LLC now owns 1,133,944 shares of the company's stock worth $25,752,000 after purchasing an additional 1,051,246 shares during the last quarter. Hedge funds and other institutional investors own 77.63% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Wall Street Zen downgraded Forte Biosciences from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Chardan Capital dropped their target price on Forte Biosciences from $64.00 to $61.00 and set a "buy" rating for the company in a research 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.