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

Forte Biosciences, Inc. (NASDAQ:FBRX) was the target of some unusual options trading on Wednesday. Traders purchased 30,205 call options on the stock. This is an increase of 1,663% compared to the typical volume of 1,713 call options.

Forte Biosciences Trading Down 0.7 %

Shares of FBRX opened at $15.88 on Friday. The stock’s 50 day moving average is $18.86 and its two-hundred day moving average is $8.82. Forte Biosciences has a twelve month low of $4.11 and a twelve month high of $28.68. The firm has a market capitalization of $23.18 million, a PE ratio of -0.97 and a beta of 1.13.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. TD Cowen initiated coverage on Forte Biosciences in a research note on Tuesday. They set a “buy” rating on the stock. Chardan Capital reiterated a “buy” rating and issued a $64.00 price objective on shares of Forte Biosciences in a research report on Wednesday, December 4th.

Insider Activity

In other news, CFO Antony A. Riley bought 22,514 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was acquired at an average cost of $5.55 per share, with a total value of $124,952.70. Following the transaction, the chief financial officer now directly owns 30,776 shares in the company, valued at approximately $170,806.80. This trade represents a 272.50 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.10% of the company’s stock.

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.