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

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

Institutional Trading of Forte Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in FBRX. JPMorgan Chase & Co. increased its position in 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 buying an additional 2,100 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Forte Biosciences by 18.3% during the fourth quarter. Geode Capital Management LLC now owns 16,877 shares of the company’s stock worth $383,000 after acquiring an additional 2,607 shares during the last quarter. Acuta Capital Partners LLC acquired a new position in shares of Forte Biosciences during the fourth quarter valued at about $412,000. Boothbay Fund Management LLC acquired a new position in shares of Forte Biosciences during the fourth quarter valued at about $2,026,000. Finally, Woodline Partners LP purchased a new position in shares of Forte Biosciences in the 4th quarter valued at approximately $4,639,000. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Forte Biosciences Stock Up 27.6 %

NASDAQ:FBRX opened at $7.02 on Thursday. The firm has a 50 day moving average of $11.60 and a 200 day moving average of $11.63. Forte Biosciences has a 52 week low of $4.11 and a 52 week high of $28.68. The stock has a market capitalization of $44.88 million, a price-to-earnings ratio of -0.43 and a beta of 2.35.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FBRX. Chardan Capital reaffirmed a “buy” rating and set a $64.00 target price on shares of Forte Biosciences in a research report on Wednesday, December 4th. TD Cowen began coverage on Forte Biosciences in a research report on Tuesday, January 21st. They set a “buy” rating on the stock.

Forte Biosciences Company Profile

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.