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

Key Points

• On Wednesday, Forte Biosciences saw an unprecedented surge in options trading, with approximately 30,205 call options purchased, a staggering increase of about 1,663% over the usual daily volume.
• Wall Street analysts have diverse opinions on the stock, with Chardan Capital maintaining a buy rating and a target price of $61.00, while Guggenheim has set an even higher target of $75.00.
• Forte Biosciences reported an EPS of ($0.96) for the last quarter, surpassing analysts' expectations, and is expected to post a total of -$12.12 EPS for the current year.

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) was the recipient of some unusual options trading on Wednesday. Investors purchased 30,205 call options on the company. Thisrepresentsanincreaseofapproximately1,663% compared to the typical daily volume of 1,713 call options.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on FBRX shares. Wall Street Zen raised shares of Forte Biosciences from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Chardan Capital reiterated a "buy" rating and issued a $61.00 target price on shares of Forte Biosciences in a research report on Friday, August 15th. Finally, Guggenheim began coverage on shares of Forte Biosciences in a research report on Monday. They set a "buy" rating and a $75.00 price target for the company. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $68.00.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Orbimed Advisors LLC boosted its holdings 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 worth $15,477,000 after purchasing an additional 603,867 shares during the last quarter. Fred Alger Management LLC lifted its position in Forte Biosciences by 1,271.2% during the fourth quarter. Fred Alger Management LLC now owns 1,133,944 shares of the company's stock worth $25,752,000 after buying an additional 1,051,246 shares in the last quarter. Federated Hermes Inc. acquired a new position in Forte Biosciences during the second quarter worth $13,864,000. Tybourne Capital Management HK Ltd. boosted its stake in Forte Biosciences by 26.9% during the second quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company's stock worth $10,171,000 after buying an additional 166,666 shares during the last quarter. Finally, BVF Inc. IL grew its holdings in Forte Biosciences by 398.2% in the 4th quarter. BVF Inc. IL now owns 594,282 shares of the company's stock valued at $13,496,000 after buying an additional 475,000 shares in the last quarter. 77.63% of the stock is owned by hedge funds and other institutional investors.

Forte Biosciences Stock Up 0.1%

Shares of FBRX opened at $11.76 on Thursday. Forte Biosciences has a 52-week low of $4.11 and a 52-week high of $28.68. The stock has a market cap of $77.38 million, a PE ratio of -0.72 and a beta of 2.91. The firm's fifty day moving average is $11.45 and its two-hundred day moving average is $9.34.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.96) EPS for the quarter, beating analysts' consensus estimates of ($1.21) by $0.25. As a group, research analysts anticipate that Forte Biosciences will post -12.12 earnings per share for the current year.

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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