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

Key Points

• Unusual trading activity was reported for Forte Biosciences (NASDAQ:FBRX), with investors acquiring 30,205 call options, a 1,663% increase from the average daily volume.
• Forte reported earnings of ($0.96) per share, which exceeded analysts' expectations, and is projected to post -12.12 EPS for the current fiscal year.
• Research analysts have generally rated FBRX as a "Buy," with target prices ranging from $61.00 to $75.00 based on recent reports.

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) was the target of unusually large options trading activity on Wednesday. Investors bought 30,205 call options on the stock. Thisrepresentsanincreaseofapproximately1,663% compared to the average daily volume of 1,713 call options.

Institutional Investors Weigh In On Forte Biosciences

Hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. acquired a new position in shares of Forte Biosciences in the 2nd quarter worth approximately $13,864,000. Fred Alger Management LLC lifted its position in shares of Forte Biosciences by 1,271.2% in the 4th quarter. Fred Alger Management LLC now owns 1,133,944 shares of the company's stock worth $25,752,000 after purchasing an additional 1,051,246 shares during the period. Orbimed Advisors LLC lifted its position in shares of Forte Biosciences by 101.8% in the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company's stock worth $15,477,000 after purchasing an additional 603,867 shares during the period. Tybourne Capital Management HK Ltd. lifted its position in shares of Forte Biosciences by 327.6% in the 4th quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company's stock worth $14,080,000 after purchasing an additional 475,000 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Forte Biosciences in the 2nd quarter worth approximately $4,310,000. 77.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Chardan Capital restated a "buy" rating and set a $61.00 target price on shares of Forte Biosciences in a report on Friday, August 15th. 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. Finally, Wall Street Zen upgraded shares of Forte Biosciences from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Forte Biosciences has a consensus rating of "Buy" and a consensus target price of $68.00.

Forte Biosciences Stock Performance

NASDAQ:FBRX traded up $0.30 during mid-day trading on Friday, reaching $11.26. 69,915 shares of the company's stock were exchanged, compared to its average volume of 59,210. Forte Biosciences has a one year low of $4.11 and a one year high of $28.68. The firm has a market capitalization of $139.96 million, a PE ratio of -0.69 and a beta of 2.69. The business's fifty day simple moving average is $11.10 and its two-hundred day simple moving average is $9.23.

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

Forte Biosciences Company Profile

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.