Forte Biosciences Sees Unusually Large Options Volume (NASDAQ:FBRX)

by · The Markets Daily

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

Institutional Investors Weigh In On Forte Biosciences

Institutional investors have recently bought and sold shares of the stock. Fred Alger Management LLC boosted its holdings in 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 valued at $25,752,000 after acquiring an additional 1,051,246 shares in the last quarter. Tybourne Capital Management HK Ltd. boosted its holdings in Forte Biosciences by 327.6% in the fourth 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 in the last quarter. Orbimed Advisors LLC bought a new stake in Forte Biosciences in the fourth quarter valued at $13,626,000. BVF Inc. IL boosted its holdings in Forte Biosciences by 398.2% in the fourth 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 in the last quarter. Finally, Woodline Partners LP bought a new stake in Forte Biosciences in the fourth quarter valued at $4,639,000. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FBRX has been the topic of several research reports. Chardan Capital restated a “buy” rating and issued a $61.00 target price on shares of Forte Biosciences in a research note on Tuesday, June 24th. Wall Street Zen lowered Forte Biosciences from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd.

Check Out Our Latest Research Report on Forte Biosciences

Forte Biosciences Stock Down 8.3%

Forte Biosciences stock opened at $11.45 on Friday. Forte Biosciences has a 52 week low of $4.11 and a 52 week high of $28.68. The business has a 50-day simple moving average of $10.28 and a 200 day simple moving average of $10.91. The stock has a market cap of $75.34 million, a price-to-earnings ratio of -0.70 and a beta of 2.97.

Forte Biosciences (NASDAQ:FBRX – Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.48). On average, research analysts anticipate that Forte Biosciences will post -12.12 earnings per share for the current year.

Forte Biosciences Company Profile

(Get Free Report)

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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