Forte Biosciences slides on planned equity offering

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