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

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

Analyst Ratings Changes

Several brokerages recently weighed in on FBRX. TD Cowen began coverage on shares of Forte Biosciences in a research note on Tuesday, January 21st. They issued a “buy” rating for the company. Chardan Capital reissued a “buy” rating and issued a $64.00 target price on shares of Forte Biosciences in a research note on Wednesday, December 4th.

Forte Biosciences Price Performance

NASDAQ FBRX opened at $6.86 on Thursday. Forte Biosciences has a 12 month low of $4.11 and a 12 month high of $28.68. The company has a 50-day moving average of $14.86 and a 200-day moving average of $11.31. The company has a market cap of $43.86 million, a P/E ratio of -0.42 and a beta of 2.35.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Fred Alger Management LLC grew its holdings 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 purchasing an additional 1,051,246 shares during the period. Orbimed Advisors LLC acquired a new stake in Forte Biosciences in the fourth quarter valued at approximately $13,626,000. Tybourne Capital Management HK Ltd. grew its position in Forte Biosciences by 327.6% in the fourth quarter. Tybourne Capital Management HK Ltd. now owns 619,981 shares of the company’s stock valued at $14,080,000 after acquiring an additional 475,000 shares in the last quarter. BVF Inc. IL grew its position in 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 acquiring an additional 475,000 shares in the last quarter. Finally, Woodline Partners LP acquired a new stake in shares of Forte Biosciences during the fourth quarter worth approximately $4,639,000. Institutional investors and hedge funds own 77.63% of the company’s 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.