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

Forte Biosciences, Inc. (NASDAQ:FBRX) saw some unusual options trading activity on Wednesday. Investors acquired 30,205 call options on the stock. This represents an increase of 1,663% compared to the typical volume of 1,713 call options.

Forte Biosciences Trading Down 9.5 %

NASDAQ FBRX opened at $0.67 on Thursday. The company has a fifty day simple moving average of $0.71 and a two-hundred day simple moving average of $0.65. The stock has a market cap of $24.42 million, a P/E ratio of -0.65 and a beta of 0.48. Forte Biosciences has a 12-month low of $0.38 and a 12-month high of $1.15.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings results on Monday, March 18th. The company reported ($0.04) earnings per share (EPS) for the quarter. As a group, sell-side analysts forecast that Forte Biosciences will post -0.46 earnings per share for the current year.

Analysts Set New Price Targets

Separately, LADENBURG THALM/SH SH upgraded shares of Forte Biosciences from a “neutral” rating to a “buy” rating and set a $2.75 target price for the company in a research note on Monday, April 8th.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Forte Biosciences stock. Fred Alger Management LLC bought a new position in shares of Forte Biosciences, Inc. (NASDAQ:FBRX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,838,965 shares of the company’s stock, valued at approximately $1,217,000. Fred Alger Management LLC owned about 5.07% of Forte Biosciences at the end of the most recent reporting period. 77.63% of the stock is currently owned by institutional investors and hedge funds.

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.