Investor Alert

New York Markets Open in:

Market Pulse Archives

Sept. 3, 2021, 7:21 a.m. EDT

Forte Biosciences stock plunges more than 80% after 'disappointing' trial results of atopic dermatitis treatment

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Forte Biosciences Inc. (FBRX)
  • X
    iShares Biotechnology ETF (IBB)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of Forte Biosciences Inc. /zigman2/quotes/210207744/composite FBRX -0.99% plummeted 81.2% on heavy volume toward a record low in premarket trading Friday, after the biopharmaceutical company said it will no longer advance its lead product candidate FB-401, a treatment for atopic dermatitis. Trading volume spiked to 2.8 million shares ahead of the open, compared with the full-day average of about 754,000 shares. The company said late Thursday that a Phase 2 trial of FB-401 failed to meet statistical significance for the primary endpoint of the proportion of patients with at least 50% improvement in atopic dermatitis disease severity. The company said the primary endpoint was achieved by 58% of subjects on FB-401, compared with 60% of subjects on placebo. "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," said Chief Executive Paul Wagner. "We expect to provide investors with an update on the future plans for the company over the next several months." The stock, on track to open below the Dec. 19, 2019 record low close of $6.65, has dropped 25.0% over the past three months through Thursday, while the iShares Biotechnology ETF /zigman2/quotes/206189322/composite IBB -0.42% has climbed 16.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.04% has gained 8.2%.

US : U.S.: Nasdaq
$ 1.00
-0.01 -0.99%
Volume: 50,645
Feb. 3, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$21.00 million
Rev. per Employee
US : U.S.: Nasdaq
$ 136.59
-0.58 -0.42%
Volume: 1.95M
Feb. 3, 2023 4:15p
-43.28 -1.04%
Volume: 0.00
Feb. 3, 2023 4:54p

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.