Forte Biosciences Target of Unusually High Options Trading (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 stock. This represents an increase of approximately 1,663% compared to the average volume of 1,713 call options.

Institutional Investors Weigh In On Forte Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cable Car Capital LLC purchased a new stake in Forte Biosciences during the 4th quarter valued at approximately $1,670,000. Fred Alger Management LLC purchased a new position in shares of Forte Biosciences in the third quarter valued at $1,217,000. BML Capital Management LLC grew its holdings in shares of Forte Biosciences by 1.5% in the third quarter. BML Capital Management LLC now owns 1,761,702 shares of the company’s stock valued at $1,166,000 after purchasing an additional 26,627 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Forte Biosciences by 40.4% in the third quarter. Vanguard Group Inc. now owns 647,293 shares of the company’s stock valued at $692,000 after purchasing an additional 186,159 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Forte Biosciences by 105.0% in the third quarter. Renaissance Technologies LLC now owns 444,129 shares of the company’s stock worth $475,000 after buying an additional 227,429 shares during the last quarter. 77.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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 on the stock in a research note on Monday, April 8th.

Forte Biosciences Stock Up 5.4 %

Shares of NASDAQ:FBRX opened at $0.78 on Friday. The firm’s 50 day moving average price is $0.70 and its 200-day moving average price is $0.64. Forte Biosciences has a twelve month low of $0.38 and a twelve month high of $1.15. The stock has a market capitalization of $28.39 million, a PE ratio of -0.75 and a beta of 0.48.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings data on Monday, March 18th. The company reported ($0.04) earnings per share for the quarter. Analysts expect that Forte Biosciences will post -0.46 earnings per share for the current fiscal year.

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.