Forte Biosciences slides on $75 mln equity raise

Forte Biosciences

25/06/2025 12:31

** Forte Biosciences' FBRX.O shares down 9% at $12.90 premarket after follow-on priced

** Co which focuses on treatments for autoimmune diseases announced 6.3 mln shares, including about 620,000 prefunded warrants, for $75 mln gross proceeds

** Offering price of $12 is 15.3% discount to stock's last close

** Co intends to use net proceeds for working capital and other purposes, including funding clinical and preclinical development of its product candidates, and other research activities

** Dallas, Texas-based FBRX has ~6.6 mln shares outstanding for ~$94 mln market cap, per the prospectus filing

** TD Cowen. Evercore, Guggenheim Securities and Chardan are jt bookrunners for offering

** FBRX shares rose 11% on Tues, trimming YTD loss to ~38%

** All 3 analysts covering FBRX rate stock "buy" and median PT is $59, latest LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))