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

Forte Biosciences, Inc. (NASDAQ:FBRX) was the target of unusually large options trading on Wednesday. Stock investors acquired 30,205 call options on the stock. This is an increase of 1,663% compared to the typical daily volume of 1,713 call options.

Analysts Set New Price Targets

FBRX has been the subject of several recent research reports. TD Cowen initiated coverage on shares of Forte Biosciences in a research report on Tuesday, January 21st. They issued a “buy” rating for the company. Chardan Capital reaffirmed a “buy” rating and issued a $64.00 price target on shares of Forte Biosciences in a report on Wednesday, December 4th.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Woodline Partners LP bought a new stake in Forte Biosciences during the fourth quarter valued at about $4,639,000. Tybourne Capital Management HK Ltd. raised its holdings 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 buying an additional 475,000 shares in the last quarter. Orbimed Advisors LLC acquired a new position in shares of Forte Biosciences in the 4th quarter worth approximately $13,626,000. Fred Alger Management LLC lifted its position 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 worth $25,752,000 after buying an additional 1,051,246 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Forte Biosciences by 70,000.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company’s stock valued at $48,000 after buying an additional 2,100 shares in the last quarter. Institutional investors and hedge funds own 77.63% of the company’s stock.

Forte Biosciences Price Performance

Shares of FBRX opened at $10.70 on Friday. The stock has a market capitalization of $68.37 million, a P/E ratio of -0.66 and a beta of 1.09. Forte Biosciences has a 12-month low of $4.11 and a 12-month high of $28.68. The firm’s 50 day moving average is $16.81 and its 200-day moving average is $10.68.

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.