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

Key Points

• Forte Biosciences experienced an extraordinary spike in options trading, with 30,205 call options bought, marking a 1,663% increase from the typical daily volume.
• Significant hedge fund activity includes Garde Capital and AlphaQuest LLC establishing new positions, while Orbimed Advisors and Cable Car Capital increased their existing stakes by over 100%.
• Analysts have a consensus rating of "Buy" for Forte Biosciences, with target prices reaching as high as $75.00, indicating strong investor interest and confidence.

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

Hedge Funds Weigh In On Forte Biosciences

Large investors have recently modified their holdings of the stock. Garde Capital Inc. bought a new position in shares of Forte Biosciences during the 1st quarter valued at approximately $31,000. AlphaQuest LLC bought a new position in shares of Forte Biosciences during the 1st quarter valued at approximately $33,000. Orbimed Advisors LLC increased its position in shares of Forte Biosciences by 101.8% during the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company's stock valued at $15,477,000 after purchasing an additional 603,867 shares during the last quarter. Cable Car Capital LP increased its position in shares of Forte Biosciences by 127.7% during the 2nd quarter. Cable Car Capital LP now owns 500,000 shares of the company's stock valued at $6,465,000 after purchasing an additional 280,396 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new position in Forte Biosciences in the 2nd quarter valued at $4,310,000. Institutional investors own 77.63% of the company's stock.

Forte Biosciences Price Performance

Shares of FBRX opened at $14.52 on Thursday. The stock has a market capitalization of $180.48 million, a price-to-earnings ratio of -0.89 and a beta of 3.02. The business's 50 day simple moving average is $11.66 and its 200-day simple moving average is $9.86. Forte Biosciences has a 1 year low of $4.11 and a 1 year high of $28.68.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.96) earnings per share for the quarter, beating the consensus estimate of ($1.21) by $0.25. On average, sell-side analysts expect that Forte Biosciences will post -12.12 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on FBRX. Wall Street Zen raised Forte Biosciences from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Chardan Capital reaffirmed a "buy" rating and set a $61.00 price objective on shares of Forte Biosciences in a report on Friday, August 15th. Finally, Guggenheim began coverage on Forte Biosciences in a report on Monday, August 18th. They set a "buy" rating and a $75.00 price objective on the stock. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $68.00.

Forte Biosciences Company Profile

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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