Why is Forward Pharma Stock Plunging During Premarket Tuesday?

Why is Forward Pharma Stock Plunging During Premarket Tuesday?
  • The stock price of Forward Pharma A/S FWP fell by almost 20% during the premarket. 
  • Investors are responding negatively to the Technical Board of Appeal (TBA) of the European Patent Office (EPO), dismissing Forward’s appeal to revoke the EP2801355 patent (355 patent) following the oral hearing.
  • The TBA had made its decision after considering Forward’s appeal against the decision of the Opposition Division and third-party submissions from several opponents. 
  • TBA will issue detailed reasons for the decision in written form in due course, and following receipt and review of the details, Forward will announce plans for the Company. 
  • Such a plan may involve a petition for review at the Enlarged Board of Appeal of the EPO to overturn the unfavorable outcome.
  • But the chances of a petition for review being successful is low. 
  • Price Action: FWP shares are down 19.1% at $6.39 during the premarket session on the last check Tuesday.

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