Forte Biosciences slides on $75 mln equity raise
Forte Biosciences' FBRX.O shares down 9% at $12.90 premarket after follow-on priced
Co which focuses on treatments for autoimmune diseases announced 6.3 mln shares, including about 620,000 prefunded warrants, for $75 mln gross proceeds
Offering price of $12 is 15.3% discount to stock's last close
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
Dallas, Texas-based FBRX has ~6.6 mln shares outstanding for ~$94 mln market cap, per the prospectus filing
TD Cowen. Evercore, Guggenheim Securities and Chardan are jt bookrunners for offering
FBRX shares rose 11% on Tues, trimming YTD loss to ~38%
All 3 analysts covering FBRX rate stock "buy" and median PT is $59, latest LSEG data reflects
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