Investors Buy Large Volume of Call Options on Forte Biosciences (NASDAQ:FBRX)

Forte Biosciences, Inc. (NASDAQ:FBRX) was the recipient of unusually large options trading activity on Wednesday. Traders acquired 30,205 call options on the company. This is an increase of approximately 1,663% compared to the average volume of 1,713 call options.

Insiders Place Their Bets

In other Forte Biosciences news, CFO Antony A. Riley purchased 22,514 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were bought at an average price of $5.55 per share, for a total transaction of $124,952.70. Following the completion of the acquisition, the chief financial officer now owns 30,776 shares in the company, valued at approximately $170,806.80. This trade represents a 272.50 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 3.10% of the company’s stock.

Forte Biosciences Stock Down 13.3 %

FBRX stock opened at $13.00 on Friday. The firm has a market cap of $83.07 million, a price-to-earnings ratio of -0.80 and a beta of 1.09. Forte Biosciences has a 12-month low of $4.11 and a 12-month high of $28.68. The company’s fifty day simple moving average is $19.50 and its 200 day simple moving average is $9.89.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FBRX. Chardan Capital reiterated a “buy” rating and set a $64.00 price target on shares of Forte Biosciences in a report on Wednesday, December 4th. TD Cowen began coverage on shares of Forte Biosciences in a 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.