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

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

Analysts Set New Price Targets

A number of research firms have weighed in on FBRX. Brookline Capital Management started coverage on Forte Biosciences in a report on Thursday, May 30th. They issued a “buy” rating and a $4.00 target price on the stock. Chardan Capital restated a “buy” rating and set a $3.00 target price on shares of Forte Biosciences in a research report on Monday, August 19th.

Hedge Funds 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) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,031,987 shares of the company’s stock, valued at approximately $1,670,000. Forte Biosciences accounts for about 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 filing with the Securities & Exchange Commission. 77.63% of the stock is currently owned by institutional investors and hedge funds.

Forte Biosciences Stock Up 4.4 %

NASDAQ FBRX opened at $7.62 on Friday. Forte Biosciences has a 52 week low of $6.99 and a 52 week high of $22.87. The company has a market capitalization of $277.69 million and a P/E ratio of -8.66. The stock’s 50-day moving average price is $1.50 and its 200-day moving average price is $0.95.

Forte Biosciences (NASDAQ:FBRX) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.11). Research analysts anticipate that Forte Biosciences will post -22.5 EPS for the current 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.