Stock Traders Buy High Volume of Call Options on Forte Biosciences (NASDAQ:FBRX)

Key Points

• Forte Biosciences saw a notable surge in options trading, with 30,205 call options purchased, marking a dramatic increase of about 1,663% compared to typical volumes.
• Wall Street analysts have varying ratings on FBRX, with a consensus rating of Moderate Buy and an average price target of $68.00.
• The company's stock is currently down 6.8% and reported earnings of ($0.96) EPS for the last quarter, surpassing analysts' expectations.

Forte Biosciences, Inc. (NASDAQ:FBRX - Get Free Report) was the target of some unusual options trading activity 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.

Wall Street Analysts Forecast Growth

FBRX has been the subject of a number of research reports. Guggenheim initiated coverage on shares of Forte Biosciences in a report on Monday, August 18th. They issued a "buy" rating and a $75.00 price objective for the company. Wall Street Zen raised shares of Forte Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Chardan Capital reissued a "buy" rating and set a $61.00 target price on shares of Forte Biosciences in a research report on Friday, August 15th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Forte Biosciences in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Forte Biosciences presently has a consensus rating of "Moderate Buy" and an average price target of $68.00.

Hedge Funds Weigh In On Forte Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Garde Capital Inc. bought a new stake in Forte Biosciences in the 1st quarter valued at about $31,000. AlphaQuest LLC bought a new stake in Forte Biosciences in the 1st quarter valued at about $33,000. Envestnet Asset Management Inc. bought a new stake in Forte Biosciences in the 2nd quarter valued at about $244,000. Mink Brook Asset Management LLC bought a new stake in Forte Biosciences in the 2nd quarter valued at about $503,000. Finally, Geode Capital Management LLC raised its stake in Forte Biosciences by 6.7% in the 2nd quarter. Geode Capital Management LLC now owns 64,110 shares of the company's stock valued at $829,000 after acquiring an additional 4,028 shares during the period. 77.63% of the stock is owned by hedge funds and other institutional investors.

Forte Biosciences Stock Down 6.8%

NASDAQ:FBRX opened at $12.94 on Thursday. The company has a fifty day moving average of $12.44 and a 200-day moving average of $10.35. The firm has a market capitalization of $160.84 million, a P/E ratio of -0.79 and a beta of 3.03. 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 results on Thursday, August 14th. The company reported ($0.96) EPS for the quarter, beating analysts' consensus estimates of ($1.21) by $0.25. On average, analysts anticipate that Forte Biosciences will post -12.12 EPS for the current fiscal 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.

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