search icon
      blog search icon

      Here is why Forte Biosciences Inc. (FBRX) stock sank on Thursday? - Stocks Telegraph

      By Asim Kamal

      Published on

      September 3, 2021

      4:27 AM UTC

      Here is why Forte Biosciences Inc. (FBRX) stock sank on Thursday? - Stocks Telegraph

      Forte Biosciences Inc. (FBRX) shares declined 81.32% in after-hours on Thursday, September 2, 2021, and closed the daily trading at $5.34. In the regular trading session of Thursday, FBRX’s stock lost 4.45% as well. FBRX shares have fallen 0.42% over the last 12 months, and they have moved up 4.61% in the past week. Over the past three months, the stock has lost 28.77%, while over the past six months, it has reduced by 6.80%.

      Let’s see is there any reason behind its significant loss

      Failure of FBRX Clinical Trial of FB-401

      On September 02, 2021, Forte Biosciences, Inc (FBRX) announced that topline data from its Phase 2 clinical trial of FB-401 for the treatment of atopic dermatitis failed to meet statistical significance for the primary endpoint of EASI-50 (the proportion of patients with at least a 50% improvement in atopic dermatitis disease severity as measure by EASI).

      FBRX postponed the conference call

      Forte Biosciences will no longer be hosting a conference call to discuss its Q2 financial results on September 7, 2021, as previously announced, due to the release of the topline data its Phase 2 clinical trial of FB-401.

      FBRX Inducement Grants

      On August 02, 2021, Forte Biosciences, Inc (FBRX) announced the issuance of an equity inducement award as required by the Nasdaq Stock Market Rules.

      The Compensation Committee of Forte’s Board of Directors approved the grant of an equity award to purchase 90,000 shares of common stock to a new non-executive employee.

      On July 12, 2021, the company also issued the equity inducement award as required by the Nasdaq Stock Market Rules. The Compensation Committee of Forte’s Board of Directors approved the grant of an equity award to purchase 15,000 shares of common stock to a new non-executive employee.

      FBRX Q1 2021 financial results announcement

      On May 10, 2021, Forte Biosciences, Inc (FBRX) announced its first-quarter 2021 financial results, which ended on March 31, 2021.

      Q1 2021 financial highlights

      • FBRX research and development expenses were $3.3 million in Q1 2021 compared to $1.4 million in Q1 2020.
      • General and administrative expenses were $1.4 million in Q1 2021 compared to 0.7 million in Q1 2020.
      • It suffered a loss per share of $0.36 in Q1 2021 compared to a loss per share of $0.97 in Q1 2020.
      • As of March 31, 2021, the company had $54.8 million in cash and cash equivalents which Forte believes is sufficient to fund operations for at least the next 12 months.

      Conclusion

      Forte stock dipped in the after-hours after the company announced the clinical trial failure and its stock can further go down on Friday.

      More From Stocks telegraph