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

Forte Biosciences, Inc. (NASDAQ:FBRX) saw unusually large options trading on Wednesday. Traders bought 30,205 call options on the stock. This represents an increase of 1,663% compared to the average daily volume of 1,713 call options.

Analyst Ratings Changes

Several research firms have recently weighed in on FBRX. TD Cowen began coverage on Forte Biosciences in a research report on Tuesday, January 21st. They issued a “buy” rating on the stock. Chardan Capital decreased their price objective on Forte Biosciences from $64.00 to $61.00 and set a “buy” rating on the stock in a report on Tuesday.

Institutional Trading of Forte Biosciences

Several large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in shares of Forte Biosciences by 70,000.0% during the 4th quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company’s stock valued at $48,000 after acquiring an additional 2,100 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Forte Biosciences by 18.3% in the 4th quarter. Geode Capital Management LLC now owns 16,877 shares of the company’s stock valued at $383,000 after purchasing an additional 2,607 shares during the last quarter. Acuta Capital Partners LLC acquired a new position in Forte Biosciences in the 4th quarter valued at about $412,000. Boothbay Fund Management LLC acquired a new stake in shares of Forte Biosciences during the 4th quarter worth approximately $2,026,000. Finally, Woodline Partners LP acquired a new stake in Forte Biosciences during the fourth quarter worth $4,639,000. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

Forte Biosciences Price Performance

Shares of Forte Biosciences stock opened at $7.35 on Thursday. 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 $46.99 million, a P/E ratio of -0.45 and a beta of 2.35. The stock’s 50 day simple moving average is $9.91 and its 200-day simple moving average is $11.65.

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.