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

Forte Biosciences, Inc. (NASDAQ:FBRX) saw some unusual options trading activity on Wednesday. Investors purchased 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.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FBRX. Chardan Capital reissued 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 shares of Forte Biosciences in a report on Tuesday, January 21st. They set a “buy” rating for the company.

Forte Biosciences Trading Up 7.4 %

NASDAQ:FBRX opened at $7.54 on Friday. The stock’s 50-day moving average is $11.36 and its 200-day moving average is $11.60. Forte Biosciences has a 1-year low of $4.11 and a 1-year high of $28.68. The stock has a market cap of $48.20 million, a P/E ratio of -0.46 and a beta of 2.35.

Institutional Investors Weigh In On Forte Biosciences

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

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.