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

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) was the recipient of some unusual options trading activity on Wednesday. Traders purchased 30,205 call options on the stock. This is an increase of 1,663% compared to the typical daily volume of 1,713 call options.

Forte Biosciences Stock Performance

Shares of NASDAQ:FBRX traded down $1.03 on Thursday, hitting $11.45. The stock had a trading volume of 113,360 shares, compared to its average volume of 172,551. The firm's 50 day moving average price is $10.19 and its 200-day moving average price is $10.96. Forte Biosciences has a twelve month low of $4.11 and a twelve month high of $28.68. The company has a market capitalization of $75.38 million, a price-to-earnings ratio of -0.70 and a beta of 2.97.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last announced its earnings results on Thursday, May 15th. The company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.48). As a group, sell-side analysts predict that Forte Biosciences will post -12.12 EPS for the current year.

Analyst Upgrades and Downgrades

FBRX has been the topic of a number of research reports. Chardan Capital reissued a "buy" rating and set a $61.00 target price on shares of Forte Biosciences in a report on Tuesday, June 24th. Wall Street Zen lowered shares of Forte Biosciences from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd.

Institutional Trading of Forte Biosciences

A number of hedge funds have recently made changes to their positions in the company. Garde Capital Inc. bought a new stake in Forte Biosciences during the 1st quarter valued at $31,000. AlphaQuest LLC bought a new position in shares of Forte Biosciences during the 1st quarter valued at approximately $33,000. JPMorgan Chase & Co. raised its holdings 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 worth $48,000 after purchasing an additional 2,100 shares during the period. Geode Capital Management LLC raised 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 buying an additional 2,607 shares during the period. Finally, Acuta Capital Partners LLC bought a new stake in shares of Forte Biosciences in the fourth quarter valued at $412,000. 77.63% of the stock is owned by institutional investors and hedge funds.

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.