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

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

Forte Biosciences Price Performance

NASDAQ:FBRX opened at $6.73 on Thursday. The firm’s 50-day moving average price is $2.22 and its 200-day moving average price is $0.78. The company has a market capitalization of $9.83 million and a PE ratio of -7.65. Forte Biosciences has a 1-year low of $6.50 and a 1-year high of $21.25.

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

Institutional Trading of Forte Biosciences

An institutional investor recently bought a new position in Forte Biosciences stock. Cable Car Capital LLC acquired a new stake in shares of Forte Biosciences, Inc. (NASDAQ:FBRX) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm 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 investment portfolio, making the stock its 18th biggest holding. Cable Car Capital LLC owned 5.59% of Forte Biosciences at the end of the most recent quarter. Institutional investors own 77.63% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on FBRX shares. Brookline Capital Management initiated coverage on Forte Biosciences in a research report on Thursday, May 30th. They issued a “buy” rating and a $0.16 price objective for the company. Chardan Capital reiterated a “buy” rating and set a $0.12 price target on shares of Forte Biosciences in a report on Monday, August 19th.

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.