Forte Biosciences is scheduled to release second-quarter earnings on Monday, marking what could be its final report as an independent company ahead of a pending $2.2 billion acquisition by argenx.
Analysts project a loss of $1.01 per share on zero revenue for the quarter, an improvement from the $1.24 per share loss reported in the first quarter. The consensus estimate had anticipated a $1.21 per share loss in the prior period, resulting in a miss. Over the past 60 days, earnings-per-share estimates for Forte have risen by 12.8%, according to compiled data.
Forte’s shares were trading at $76.89 on Friday, near the $77 per-share acquisition price set by argenx in the agreement announced in late July. The tender offer for Forte’s shares is set to expire on August 26, two days after the company’s earnings release. The deal is expected to close in the third quarter, pending regulatory and shareholder approvals.
Five analysts covering Forte maintain neutral hold ratings on the stock, reflecting limited near-term upside given the pending transaction. Forte’s clinical pipeline centers on FB102, a first-in-class anti-CD122 antibody targeting pathogenic T-cell and natural killer cell activity. The company has demonstrated statistically significant facial repigmentation in a Phase 1b vitiligo trial and has clinical proof-of-concept in both vitiligo and celiac disease. The FDA granted FB102 Fast Track designation in celiac disease, a condition with no currently approved biologics. Topline results from a Phase 2 celiac disease trial are expected later this year.
The acquisition would mark a strategic expansion for argenx, which has not disclosed further details on integration plans or pipeline priorities following the deal.
