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

Forte Biosciences, Inc. (NASDAQ:FBRX) saw unusually large options trading activity on Wednesday. Traders acquired 30,205 call options on the company. This is an increase of 1,663% compared to the typical daily volume of 1,713 call options.

Analysts Set New Price Targets

Several brokerages have issued reports on FBRX. TD Cowen initiated coverage on Forte Biosciences in a research report on Tuesday, January 21st. They set a “buy” rating for the company. Chardan Capital restated a “buy” rating and set a $64.00 price objective on shares of Forte Biosciences in a report on Wednesday, December 4th.

Institutional Trading of Forte Biosciences

A number of large investors have recently modified their holdings of the company. Fred Alger Management LLC increased its holdings in Forte Biosciences by 1,271.2% during the 4th 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 period. Tybourne Capital Management HK Ltd. grew its position in shares of Forte Biosciences by 327.6% during the 4th quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company’s stock worth $14,080,000 after buying an additional 475,000 shares in the last quarter. Orbimed Advisors LLC purchased a new position in shares of Forte Biosciences during the fourth quarter valued at $13,626,000. BVF Inc. IL raised its holdings in shares of 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 purchased a new stake in Forte Biosciences in the fourth quarter worth about $4,639,000. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Forte Biosciences Price Performance

Forte Biosciences stock opened at $7.02 on Thursday. The stock has a market cap of $44.88 million, a price-to-earnings ratio of -0.43 and a beta of 2.35. The firm has a 50-day moving average of $11.60 and a two-hundred day moving average of $11.63. Forte Biosciences has a 1 year low of $4.11 and a 1 year high of $28.68.

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.