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

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

Hedge Funds Weigh In On Forte Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FBRX. Woodline Partners LP bought a new stake in shares of Forte Biosciences during the 4th quarter valued at about $4,639,000. Tybourne Capital Management HK Ltd. raised its stake in Forte Biosciences by 327.6% in the fourth quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company’s stock valued at $14,080,000 after purchasing an additional 475,000 shares in the last quarter. Orbimed Advisors LLC purchased a new stake in Forte Biosciences in the fourth quarter valued at approximately $13,626,000. Fred Alger Management LLC lifted its position in Forte Biosciences by 1,271.2% during the fourth quarter. Fred Alger Management LLC now owns 1,133,944 shares of the company’s stock valued at $25,752,000 after purchasing an additional 1,051,246 shares during the last quarter. Finally, BVF Inc. IL grew its stake in Forte Biosciences by 398.2% in the 4th quarter. BVF Inc. IL now owns 594,282 shares of the company’s stock worth $13,496,000 after buying an additional 475,000 shares in the last quarter. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. TD Cowen assumed coverage on Forte Biosciences in a research note on Tuesday, January 21st. They issued a “buy” rating for the company. Chardan Capital reissued a “buy” rating and issued a $64.00 price target on shares of Forte Biosciences in a report on Wednesday, December 4th.

Forte Biosciences Stock Performance

Forte Biosciences stock opened at $7.01 on Friday. Forte Biosciences has a fifty-two week low of $4.11 and a fifty-two week high of $28.68. The stock has a market cap of $44.81 million, a P/E ratio of -0.43 and a beta of 2.35. The firm’s fifty day moving average price is $14.57 and its 200-day moving average price is $11.28.

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.