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

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

Analyst Ratings Changes

Several research firms recently commented on FBRX. Brookline Capital Management assumed coverage on Forte Biosciences in a research report on Thursday, May 30th. They set a “buy” rating and a $0.16 price objective on the stock. Chardan Capital restated a “buy” rating and set a $0.12 target price on shares of Forte Biosciences in a research note on Monday, August 19th.

Institutional Investors Weigh In On 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 13F filing with the Securities and Exchange Commission. 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 investment portfolio, making the stock its 18th largest position. Cable Car Capital LLC owned 5.59% of Forte Biosciences at the end of the most recent reporting period. 77.63% of the stock is currently owned by institutional investors.

Forte Biosciences Trading Down 5.1 %

NASDAQ:FBRX opened at $6.73 on Thursday. The company has a market cap of $9.83 million and a PE ratio of -7.65. The company has a 50 day simple moving average of $2.22 and a two-hundred day simple moving average of $0.78. Forte Biosciences has a 12 month low of $6.50 and a 12 month high of $21.25.

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