Forte Biosciences slides on planned equity offering

Forte Biosciences

24/06/2025 21:21

** Forte Biosciences' FBRX.O shares down 9.6% to $12.81 post-market as co seeks equity raise

** Dallas, Texas-based firm focused on treatment of autoimmune diseases commences offering of stock and pre-funded warrants; deal size not disclosed

** 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

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

** Co has ~6.6 mln shares outstanding as of May 9, per recent 10-Q filing, giving co ~$94 mln market cap

** FBRX shares on Tues closed up 11.1% at $14.17

** YTD, stock down ~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))