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

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

Forte Biosciences Price Performance

Forte Biosciences stock traded down $0.45 during midday trading on Friday, reaching $12.09. The company's stock had a trading volume of 34,405 shares, compared to its average volume of 159,439. The stock's 50-day simple moving average is $7.91 and its 200-day simple moving average is $12.06. Forte Biosciences has a 52-week low of $4.11 and a 52-week high of $28.68. The stock has a market capitalization of $79.59 million, a P/E ratio of -0.74 and a beta of 2.85.

Forte Biosciences (NASDAQ:FBRX - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The company reported ($1.37) EPS for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.48). As a group, equities research analysts expect that Forte Biosciences will post -12.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FBRX. Chardan Capital decreased their price objective on Forte Biosciences from $64.00 to $61.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Wall Street Zen cut Forte Biosciences from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd.

Institutional Investors Weigh In On Forte Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fred Alger Management LLC raised its stake in shares of Forte Biosciences by 1,271.2% in the fourth 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 last quarter. Orbimed Advisors LLC acquired a new position in Forte Biosciences in the 4th quarter worth approximately $13,626,000. Tybourne Capital Management HK Ltd. lifted its stake in Forte Biosciences by 327.6% during the 4th quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company's stock valued at $14,080,000 after acquiring an additional 475,000 shares during the period. BVF Inc. IL lifted its stake in Forte Biosciences by 398.2% during the 4th quarter. BVF Inc. IL now owns 594,282 shares of the company's stock valued at $13,496,000 after acquiring an additional 475,000 shares during the period. Finally, Woodline Partners LP acquired a new stake in Forte Biosciences during the 4th quarter valued at approximately $4,639,000. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

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.