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

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

Institutional Investors Weigh In On Forte Biosciences

Several large investors have recently made changes to their positions in the business. Garde Capital Inc. purchased a new position in shares of Forte Biosciences in the first quarter valued at $31,000. AlphaQuest LLC purchased a new position in shares of Forte Biosciences in the first quarter valued at $33,000. JPMorgan Chase & Co. boosted 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 valued at $48,000 after purchasing an additional 2,100 shares during the period. Geode Capital Management LLC boosted its stake in shares of Forte Biosciences by 18.3% in the fourth 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 during the period. Finally, Acuta Capital Partners LLC purchased a new position in shares of Forte Biosciences in the fourth quarter valued at $412,000. Institutional investors and hedge funds own 77.63% of the company's stock.

Forte Biosciences Stock Down 25.3%

Forte Biosciences stock opened at $10.59 on Thursday. Forte Biosciences has a 52-week low of $4.11 and a 52-week high of $28.68. The firm has a fifty day moving average of $9.03 and a 200-day moving average of $11.56. The firm has a market capitalization of $69.68 million, a P/E ratio of -0.65 and a beta of 2.85.

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FBRX shares. Chardan Capital reaffirmed a "buy" rating and set a $61.00 price target on shares of Forte Biosciences in a research note on Tuesday. Wall Street Zen lowered shares of Forte Biosciences from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd.

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.

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