Investors Purchase High Volume of Call Options on Forte Biosciences (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 recipient of unusually large options trading activity on Wednesday. Stock investors purchased 30,205 call options on the stock. This is an increase of approximately 1,663% compared to the typical volume of 1,713 call options.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FBRX shares. Guggenheim started coverage on shares of Forte Biosciences in a report on Monday, August 18th. They set a "buy" rating and a $75.00 target price for the company. Chardan Capital reissued a "buy" rating and set a $61.00 target price on shares of Forte Biosciences in a report on Friday, August 15th. Finally, Wall Street Zen raised shares of Forte Biosciences from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Forte Biosciences has an average rating of "Buy" and an average price target of $68.00.

Institutional Trading of Forte Biosciences

Several institutional investors have recently modified their holdings of the stock. Orbimed Advisors LLC grew its position in shares of Forte Biosciences by 101.8% in the second quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company's stock valued at $15,477,000 after purchasing an additional 603,867 shares during the period. Federated Hermes Inc. acquired a new stake in shares of Forte Biosciences in the second quarter valued at about $13,864,000. Tybourne Capital Management HK Ltd. grew its position in shares of Forte Biosciences by 26.9% in the second quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company's stock valued at $10,171,000 after purchasing an additional 166,666 shares during the period. Cable Car Capital LP grew its position in shares of Forte Biosciences by 127.7% in the second quarter. Cable Car Capital LP now owns 500,000 shares of the company's stock valued at $6,465,000 after purchasing an additional 280,396 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Forte Biosciences in the second quarter valued at about $4,310,000. Institutional investors and hedge funds own 77.63% of the company's stock.

Forte Biosciences Trading Up 2.3%

FBRX traded up $0.30 on Friday, reaching $13.51. The stock had a trading volume of 290,554 shares, compared to its average volume of 92,416. Forte Biosciences has a 12-month low of $4.11 and a 12-month high of $28.68. The business's 50-day moving average price is $10.91 and its two-hundred day moving average price is $9.43. The company has a market cap of $167.93 million, a P/E ratio of -0.83 and a beta of 2.69.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.96) earnings per share for the quarter, beating analysts' consensus estimates of ($1.21) by $0.25. As a group, analysts predict 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.