Forte Biosciences Target of Unusually Large Options Trading (NASDAQ:FBRX)

Forte Biosciences, Inc. (NASDAQ:FBRX) saw some unusual options trading activity on Wednesday. Investors bought 30,205 call options on the stock. This represents an increase of 1,663% compared to the typical daily volume of 1,713 call options.

Forte Biosciences Stock Down 1.1 %

NASDAQ:FBRX opened at $7.35 on Thursday. The company has a market capitalization of $46.99 million, a PE ratio of -0.45 and a beta of 2.35. Forte Biosciences has a 52-week low of $4.11 and a 52-week high of $28.68. The stock’s 50 day moving average price is $9.91 and its 200 day moving average price is $11.65.

Hedge Funds Weigh In On Forte Biosciences

Hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in Forte Biosciences by 70,000.0% during the 4th quarter. JPMorgan Chase & Co. now owns 2,103 shares of the company’s stock worth $48,000 after purchasing an additional 2,100 shares during the period. Geode Capital Management LLC boosted 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 buying an additional 2,607 shares during the period. Boothbay Fund Management LLC purchased a new position in shares of Forte Biosciences during the fourth quarter worth about $2,026,000. Acuta Capital Partners LLC acquired a new position in Forte Biosciences in the 4th quarter valued at about $412,000. Finally, BVF Inc. IL raised its stake in Forte Biosciences by 398.2% during the 4th 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 during the last quarter. 77.63% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. TD Cowen initiated coverage on shares of Forte Biosciences in a report on Tuesday, January 21st. They set a “buy” rating on the stock. Chardan Capital dropped their target price on shares of Forte Biosciences from $64.00 to $61.00 and set a “buy” rating on the stock in a research report on Tuesday.

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.