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Forte Biosciences (NASDAQ:FBRX) is tanking today after the company announced the clinical trial of FB-401 for the treatment of atopic dermatitis failed to meet statistical significance.
“We are appreciative of the clinical trial sites and the patients for participating in this trial and we are grateful to our investors for taking the risk to support the advancement of a new therapeutic modality for atopic dermatitis,” said Paul Wagner, CEO of Forte Biosciences.
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“The topline data is disappointing and we will continue to analyze the data; however, given this readout we will not continue to advance FB-401. We expect to provide investors with an update on the future plans for the company over the next several months," Wagner added.
Forte Biosciences said it will no longer be hosting its previously announced conference call on Sept. 7 following the release of the topline data today.
Analyst Assessment: Multiple anlayst firms downgraded the stock following today's announcement:
- Truist Securities analyst Nicole Germino downgraded Forte Biosciences from Buy to Hold.
- B. Riley Securities analyst Kalpit Patel downgraded Forte Biosciences from Buy to Neutral and announced a $3 price target.
- Ladenburg Thalmann analyst Michael Higgins downgraded Forte Biosciences from Buy to Neutral.
- Chardan Capital analyst Keay Nakae downgraded Forte Biosciences from Buy to Sell and announced a $4 price target.
- Brookline Capital analyst Kumaraguru Raja downgraded Forte Biosciences from Buy to Hold.
FBRX Price Action: Forte Biosciences is making a new 52-week low in trading today.
The stock wa down 82% at $5.15 at time of publication.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.