Forte Biosciences Target of Unusually High Options Trading (NASDAQ:FBRX)

Key Points

• Unusual options activity: Investors purchased 30,205 call options on Forte Biosciences, a rise of 1,663% versus the typical daily volume of 1,713 calls.
• Company snapshot and results: FBRX opened at $24.86 with a $311.5M market cap (50‑day SMA $28.96, 200‑day SMA $22.44) and reported Q EPS of -$1.45 (missing estimates), while analysts forecast a -$12.12 EPS for the current year.
• Mixed market sentiment: The stock has an average "Moderate Buy" analyst rating and a $67 average price target, but ratings diverge (Weiss Ratings reissued a "sell (e+)") and institutional investors hold 77.63% of the shares with several funds increasing stakes.

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

Forte Biosciences Stock Performance

NASDAQ:FBRX opened at $24.86 on Thursday. The stock has a 50-day simple moving average of $28.96 and a 200-day simple moving average of $22.44. The stock has a market cap of $311.50 million, a P/E ratio of -5.21 and a beta of 3.20. Forte Biosciences has a 1 year low of $4.90 and a 1 year high of $35.62.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last issued its earnings results on Tuesday, March 31st. The company reported ($1.45) earnings per share for the quarter, missing the consensus estimate of ($1.42) by ($0.03). On average, equities research analysts predict that Forte Biosciences will post -12.12 EPS for the current year.

Analysts Set New Price Targets

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

Institutional Trading of Forte Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Federated Hermes Inc. acquired a new stake in Forte Biosciences during the 2nd quarter worth $13,864,000. Orbimed Advisors LLC lifted its position in 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 acquiring an additional 603,867 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in Forte Biosciences in the second quarter valued at $4,310,000. Cable Car Capital LP grew its holdings in shares of Forte Biosciences by 127.7% during the second quarter. Cable Car Capital LP now owns 500,000 shares of the company's stock worth $6,465,000 after purchasing an additional 280,396 shares during the last quarter. Finally, Jain Global LLC purchased a new position in shares of Forte Biosciences during the fourth quarter worth about $5,520,000. Institutional investors and hedge funds own 77.63% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.