FBRX Stock On Track For Biggest Single-Day Gains In 20 Months – What’s Behind The Super Rally?

Forte Biosciences announced results from its early-stage study for its investigational drug to treat an autoimmune skin condition.

• Forte said that 43 individuals participated in the double-blind, placebo-controlled phase 1b study in vitiligo.
•  Participants with more severe conditions or with more than one-quarter of their face depigmented saw a 43.2% improvement. 
• The study also found that the investigational drug was effective for 84% of the participants who received it.

Shares of Forte Biosciences (FBRX) skyrocketed on Thursday after the company released positive results from its early-stage study evaluating its proposed treatment for vitiligo.

At the time of writing, FBRX stock was up 54% and on track for its biggest one-day percentage gain in nearly 20 months.

FBRX’s Study

According to the U.S. Food and Drug Administration, vitiligo is an autoimmune disorder in which the immune system attacks pigment cells, causing the skin to lose color. Many people with vitiligo are also affected by at least one other autoimmune disorder, per the FDA.

Forte said that 43 individuals participated in the double-blind placebo-controlled phase 1b study in vitiligo, of whom 11 received a placebo and the rest received the company’s drug, FB102. Subjects received the treatment for 12 weeks and were observed for 24 weeks.

Results Of The Study

The company said that subjects who received the drug saw a 29.6% improvement in their facial condition by 24 weeks, with improvements in skin showing as early as day 64. Participants with more severe conditions or with more than one-quarter of their face depigmented saw a 43.2% improvement. 

The study also found that the drug was effective for 84% of the participants who received it. In the placebo group, 27% of participants' conditions worsened during the evaluation. Moreover, the drug was well tolerated with only mild to moderate side effects, the company said.

“With statistically significant placebo-controlled activity now demonstrated in vitiligo, and the prior Phase 1b activity demonstrated in celiac disease, we look forward to the imminent readout from our ongoing Phase 2 celiac disease trial as the next important clinical catalyst for FB102,” said Paul Wagner, PhD, Chairman and CEO of Forte Biosciences.

What Retail Traders Think About FBRX

On Stocktwits, retail sentiment toward the stock turned ‘bullish’ from ‘neutral’ over the last 24 hours.

One user on the platform said that bulls are in control and $35 to $40 looks easy from here.

View this Stocktwits post

FBRX shares have more than doubled in value over the past 12 months.

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