Forte Biosciences Sees Unusually Large Options Volume (NASDAQ:FBRX)

Forte Biosciences, Inc. (NASDAQ:FBRX) was the recipient of unusually large 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 daily volume of 1,713 call options.

Forte Biosciences Stock Performance

Forte Biosciences stock opened at $10.70 on Friday. The firm’s fifty day moving average price is $16.81 and its 200-day moving average price is $10.68. The stock has a market cap of $68.37 million, a P/E ratio of -0.66 and a beta of 1.09. Forte Biosciences has a fifty-two week low of $4.11 and a fifty-two week high of $28.68.

Institutional Trading of Forte Biosciences

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

Analyst Ratings Changes

Several research firms recently weighed in on FBRX. Chardan Capital reaffirmed a “buy” rating and issued a $64.00 price objective on shares of Forte Biosciences in a research note on Wednesday, December 4th. TD Cowen started coverage on Forte Biosciences in a research note on Tuesday, January 21st. They set a “buy” rating on the 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.