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

Key Points

• Forte Biosciences experienced a significant spike in options trading, with 30,205 call options sold, marking a 1,663% increase from the usual volume.
• Several hedge funds have aggressively increased their stakes in the company, including a notable 1,271.2% increase from Fred Alger Management LLC.
• The company reported a quarterly loss of ($1.37) earnings per share, missing the consensus estimate, as analysts forecast an EPS of -12.12 for the current year.

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) was the recipient of some unusual options trading activity on Wednesday. Stock traders bought 30,205 call options on the company. Thisrepresentsanincreaseof1,663% compared to the average volume of 1,713 call options.

Institutional Investors Weigh In On Forte Biosciences

A number of large investors have recently added to or reduced their stakes in FBRX. Woodline Partners LP bought a new position in Forte Biosciences in the 4th quarter valued at about $4,639,000. JPMorgan Chase & Co. grew its position 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 last quarter. Geode Capital Management LLC increased its stake in shares of Forte Biosciences by 18.3% during the fourth quarter. Geode Capital Management LLC now owns 16,877 shares of the company's stock worth $383,000 after purchasing an additional 2,607 shares during the period. Tybourne Capital Management HK Ltd. increased its stake in shares of Forte Biosciences by 327.6% during the fourth quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company's stock worth $14,080,000 after purchasing an additional 475,000 shares during the period. Finally, Garde Capital Inc. acquired a new stake in Forte Biosciences during the 1st quarter worth approximately $31,000. Institutional investors own 77.63% of the company's stock.

Forte Biosciences Trading Down 2.6%

Shares of FBRX stock traded down $0.28 on Thursday, hitting $10.30. The stock had a trading volume of 127,858 shares, compared to its average volume of 61,826. Forte Biosciences has a twelve month low of $4.11 and a twelve month high of $28.68. The company has a fifty day moving average price of $11.36 and a two-hundred day moving average price of $9.61. The firm has a market cap of $67.77 million, a P/E ratio of -0.63 and a beta of 2.91.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last issued 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, analysts expect that Forte Biosciences will post -12.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Chardan Capital reiterated a "buy" rating and set a $61.00 price target on shares of Forte Biosciences in a research report on Tuesday, June 24th. Wall Street Zen cut shares of Forte Biosciences from a "hold" rating to a "sell" rating in a research note 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.