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

Forte Biosciences, Inc. (NASDAQ:FBRX) was the recipient of some unusual options trading activity on Wednesday. Investors purchased 30,205 call options on the company. This represents an increase of approximately 1,663% compared to the typical volume of 1,713 call options.

Wall Street Analyst Weigh In

Separately, Chardan Capital restated a “buy” rating and set a $0.12 price target on shares of Forte Biosciences in a research report on Monday, August 19th.

Institutional Trading of Forte Biosciences

A hedge fund recently bought a new stake in Forte Biosciences stock. Cable Car Capital LLC acquired a new position in Forte Biosciences, Inc. (NASDAQ:FBRX) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,031,987 shares of the company’s stock, valued at approximately $1,670,000. Forte Biosciences makes up 1.9% of Cable Car Capital LLC’s portfolio, making the stock its 18th largest position. Cable Car Capital LLC owned about 5.59% of Forte Biosciences at the end of the most recent reporting period. Institutional investors and hedge funds own 77.63% of the company’s stock.

Forte Biosciences Price Performance

FBRX opened at $5.00 on Friday. The business has a 50 day moving average price of $3.56 and a two-hundred day moving average price of $1.24. Forte Biosciences has a 1-year low of $4.81 and a 1-year high of $21.25. The company has a market capitalization of $182.21 million, a price-to-earnings ratio of -5.68 and a beta of 0.01.

Forte Biosciences (NASDAQ:FBRX) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). Equities analysts expect that Forte Biosciences will post -22.5 EPS for the current fiscal year.

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.