Traders Purchase Large Volume of Forte Biosciences Call Options (NASDAQ:FBRX)

Key Points

• Forte Biosciences saw a significant increase in options trading as investors bought 30,205 call options, marking a 1,663% increase from the typical daily volume.
• Institutional investors hold 77.63% of Forte Biosciences' stock, with notable recent purchases from Garde Capital and Envestnet Asset Management.
• Analyst ratings for Forte Biosciences reflect a consensus "Buy" rating, with target prices ranging from $61.00 to $75.00.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on FBRX shares. Chardan Capital reiterated a "buy" rating and set a $61.00 target price on shares of Forte Biosciences in a report on Friday, August 15th. Guggenheim began coverage on Forte Biosciences in a research note on Monday, August 18th. They set a "buy" rating and a $75.00 target price for the company. Finally, Wall Street Zen upgraded Forte Biosciences from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Forte Biosciences has an average rating of "Buy" and a consensus price target of $68.00.

Institutional Investors Weigh In On Forte Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the company. Garde Capital Inc. acquired a new stake in shares of Forte Biosciences during the first quarter worth $31,000. Geode Capital Management LLC boosted its position in shares of Forte Biosciences by 6.7% during the second quarter. Geode Capital Management LLC now owns 64,110 shares of the company's stock worth $829,000 after buying an additional 4,028 shares during the period. AlphaQuest LLC acquired a new position in shares of Forte Biosciences during the first quarter worth about $33,000. Envestnet Asset Management Inc. bought a new stake in Forte Biosciences during the second quarter worth about $244,000. Finally, Mink Brook Asset Management LLC bought a new stake in Forte Biosciences during the second quarter worth about $503,000. Institutional investors own 77.63% of the company's stock.

Forte Biosciences Trading Up 2.3%

FBRX traded up $0.30 during midday trading on Friday, reaching $13.51. The company's stock had a trading volume of 290,554 shares, compared to its average volume of 80,802. The stock has a market cap of $167.93 million, a P/E ratio of -0.83 and a beta of 2.69. The company has a fifty day simple moving average of $10.91 and a 200 day simple moving average of $9.41. Forte Biosciences has a twelve month low of $4.11 and a twelve month high of $28.68.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.96) earnings per share for the quarter, topping the consensus estimate of ($1.21) by $0.25. Sell-side analysts expect 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.