Forte Biosciences Inc. is scheduled to release second-quarter earnings on Monday, with analysts projecting a loss of $1.01 per share on zero revenue. The figure marks an improvement from the prior quarter’s loss of $1.24 per share, reflecting sequential progress despite the absence of commercial revenue.
The earnings release follows Forte’s agreement to be acquired by argenx in a deal valued at $2.2 billion, or $77 per share. Forte’s shares were trading at $76.89 on Friday, slightly below the acquisition price. The tender offer is set to expire on August 26, two days after Forte’s earnings report.
Analysts tracking Forte have maintained a neutral hold rating on the stock, with a mean price target of $73.80. Four firms downgraded the shares to a hold in late July following the merger announcement. Despite the deal’s premium, the consensus target remains below the $77 offer price.
Forte’s pipeline includes FB102, a first-in-class anti-CD122 antibody targeting pathogenic immune cells. The FDA granted FB102 Fast Track designation in celiac disease, where a Phase 2 trial is underway with topline results expected later this year. In vitiligo, a Phase 1b study showed statistically significant facial repigmentation, data that contributed to argenx’s acquisition interest.
Forte posted a first-quarter loss of $1.24 per share versus a $1.21 per share consensus estimate, also on zero revenue. Earnings per share estimates have risen by 12.8% over the past 60 days, though the consensus has remained flat in recent weeks.
