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

Forte Biosciences, Inc. (NASDAQ:FBRX) was the target of some unusual options trading activity on Wednesday. Traders purchased 30,205 call options on the company. This represents an increase of 1,663% compared to the average volume of 1,713 call options.

Forte Biosciences Trading Up 4.1 %

NASDAQ FBRX opened at $7.01 on Friday. The firm has a market cap of $255.28 million and a price-to-earnings ratio of -7.96. Forte Biosciences has a 1-year low of $6.50 and a 1-year high of $21.25. The company has a 50 day moving average of $2.36 and a 200-day moving average of $0.82.

Forte Biosciences (NASDAQ:FBRX) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). On average, analysts forecast that Forte Biosciences will post -22.5 earnings per share for the current year.

Institutional Investors Weigh In On Forte Biosciences

A hedge fund recently bought a new stake in Forte Biosciences stock. Cable Car Capital LLC acquired a new position in shares of Forte Biosciences, Inc. (NASDAQ:FBRX) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,031,987 shares of the company’s stock, valued at approximately $1,670,000. Forte Biosciences accounts for 1.9% of Cable Car Capital LLC’s holdings, making the stock its 18th biggest holding. Cable Car Capital LLC owned 5.59% of Forte Biosciences as of its most recent SEC filing. 77.63% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Chardan Capital restated a “buy” rating and set a $0.12 target price on shares of Forte Biosciences in a research note on Monday, August 19th. Brookline Capital Management began coverage on Forte Biosciences in a research report on Thursday, May 30th. They issued a “buy” rating and a $0.16 price objective for the company.

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.