Traders Buy High Volume of Forte Biosciences Call Options (NASDAQ:FBRX)

Forte Biosciences, Inc. (NASDAQ:FBRX) saw some unusual options trading on Wednesday. Stock 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.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Forte Biosciences stock. Cable Car Capital LLC purchased a new position in shares of Forte Biosciences, Inc. (NASDAQ:FBRX) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,031,987 shares of the company’s stock, valued at approximately $1,670,000. Forte Biosciences comprises 1.9% of Cable Car Capital LLC’s investment portfolio, making the stock its 18th biggest position. Cable Car Capital LLC owned approximately 5.59% of Forte Biosciences as of its most recent SEC filing. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Forte Biosciences Stock Up 4.1 %

Shares of Forte Biosciences stock opened at $7.01 on Friday. The business has a fifty day simple moving average of $2.36 and a 200-day simple moving average of $0.82. Forte Biosciences has a fifty-two week low of $6.50 and a fifty-two week high of $21.25. The firm has a market cap of $255.28 million and a price-to-earnings ratio of -7.96.

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

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.