Forte Biosciences Sees Unusually High 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 unusually large options trading on Wednesday. Traders purchased 30,205 call options on the company. Thisrepresentsanincreaseof1,663% compared to the average volume of 1,713 call options.

Forte Biosciences Trading Down 0.4%

NASDAQ FBRX traded down $0.05 during mid-day trading on Tuesday, hitting $11.26. The company's stock had a trading volume of 92,723 shares, compared to its average volume of 62,862. The company's 50 day simple moving average is $11.34 and its 200 day simple moving average is $9.23. Forte Biosciences has a twelve month low of $4.11 and a twelve month high of $28.68. The firm has a market capitalization of $139.96 million, a price-to-earnings ratio of -0.69 and a beta of 2.91.

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

Institutional Trading of Forte Biosciences

Several hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its position in Forte Biosciences by 70,000.0% in the 4th 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 grew its position in Forte Biosciences by 18.3% in the 4th 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. Garde Capital Inc. acquired a new stake in Forte Biosciences in the 1st quarter valued at $31,000. AlphaQuest LLC acquired a new stake in Forte Biosciences in the 1st quarter valued at $33,000. Finally, Acuta Capital Partners LLC bought a new position in Forte Biosciences during the 4th quarter valued at $412,000. Institutional investors and hedge funds own 77.63% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Wall Street Zen upgraded Forte Biosciences from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Chardan Capital restated a "buy" rating and set a $61.00 price target on shares of Forte Biosciences in a report on Friday, August 15th. Finally, Guggenheim assumed coverage on Forte Biosciences in a report on Monday, August 18th. They set a "buy" rating and a $75.00 price target on the stock. Three equities 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 an average target price of $68.00.

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.