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

Key Points

• Unusually large options activity: Investors purchased 30,205 call options on Wednesday, a 1,663% increase versus the typical daily volume of 1,713 calls.
• Heavy institutional ownership: Multiple firms (including Bank of America, Dimensional, Jane Street and Citadel) have recently built or increased stakes, and hedge funds/institutions own 77.63% of the stock.
• Mixed fundamentals and analyst views: FBRX opened at $31.28 (12‑month range $4.90–$35.80), reported an earnings-per-share miss and a negative forward EPS forecast, while consensus is a "Moderate Buy" with a $67 target despite a Weiss "sell (e+)" rating.

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

Institutional Trading of Forte Biosciences

Large investors have recently made changes to their positions in the company. Global Retirement Partners LLC purchased a new stake in shares of Forte Biosciences during the fourth quarter worth approximately $27,000. Bank of America Corp DE increased its stake in shares of Forte Biosciences by 5,641.8% during the third quarter. Bank of America Corp DE now owns 3,158 shares of the company's stock worth $47,000 after buying an additional 3,103 shares during the period. Dimensional Fund Advisors LP purchased a new position in Forte Biosciences in the third quarter valued at $161,000. Jane Street Group LLC purchased a new position in Forte Biosciences in the fourth quarter valued at $228,000. Finally, Citadel Advisors LLC purchased a new position in Forte Biosciences in the third quarter valued at $234,000. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

Forte Biosciences Trading Down 3.5%

Forte Biosciences stock opened at $31.28 on Thursday. Forte Biosciences has a twelve month low of $4.90 and a twelve month high of $35.80. The stock's fifty day simple moving average is $28.40 and its 200-day simple moving average is $23.54. The firm has a market capitalization of $434.48 million, a P/E ratio of -6.56 and a beta of 3.20.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last posted its quarterly earnings data on Tuesday, March 31st. The company reported ($1.45) earnings per share for the quarter, missing analysts' consensus estimates of ($1.42) by ($0.03). Sell-side analysts predict that Forte Biosciences will post -12.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a "sell (e+)" rating on shares of Forte Biosciences in a research note on Friday, March 27th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Forte Biosciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $67.00.

About Forte Biosciences

Forte Biosciences, Inc is a clinical-stage biotechnology company focused on developing innovative treatments to restore skin health by targeting the underlying biology of the skin barrier and microbiome. Headquartered in San Diego, California, Forte leverages proprietary platforms to discover and advance topical live biotherapeutic products and skin barrier therapies aimed at addressing serious dermatological conditions.

The company's lead product candidate, FB-401, is a topical live biotherapeutic formulation designed to rebalance the skin microbiome in patients with atopic dermatitis.

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