Forte Biosciences (FBRX)
Develops the anti-CD122 antibody candidate FB102 for autoimmune and autoimmune-related diseases.
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Develops the clinical antibody candidate FB102 for autoimmune and autoimmune-related diseases, with studies in celiac disease, vitiligo, and alopecia areata. The company has no approved products and relies on clinical progress and equity financing.
Develops FB102, an anti-CD122 monoclonal antibody candidate for autoimmune and autoimmune-related diseases. Based in Dallas, its clinical program includes studies in celiac disease, vitiligo, and alopecia areata; the drug has entered human trials. FB102 remains a clinical candidate, not an approved product.
After ending FB-401 following unfavorable trial results, development shifted to FB102 and company operations are centered on this program. Founder Paul A. Wagner remains chief executive and chairperson. Private placements and public equity offerings have funded clinical work. A cash tender-offer and merger agreement with argenx remains subject to customary closing conditions.
Company facts
Target rangeAs of Aug 26, 2026
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 28, 2026 | Barclays | Downgrade | Overweight | Positive | $74 | $77 |
| Jul 27, 2026 | Evercore ISI | Target | $65 | $77 | ||
| Jul 27, 2026 | Cowen & Co. | Downgrade | Hold | |||
| Jul 21, 2026 | Barclays | Initiate | Overweight | $74 | ||
| Nov 25, 2025 | Evercore ISI | Target | $65 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $198.5M · Total debt $0 · Total assets $205.7M · Shareholders' equity $183.8M
- Revenue
- $0
- Operating income
- −$24.6M
- Net income
- −$23.3M
No dividends on record.
| Institutions71 holders · as of Mar 31, 2026 | 63.69% | 13.52M shares | |
| Otherremainder | 36.31% | 7.71M shares |
21.23M company shares as of Sep 3, 2026 · institutions as of Mar 31, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Federated Hermes, Inc.Institution | 8.32% | 1.77M | 13Fas of Mar 31, 2026 |
Fred Alger Management, LLCInstitution | 6.00% | 1.27M | 13Fas of Mar 31, 2026 |
Orbimed Advisors LLCInstitution | 5.64% | 1.20M | 13Fas of Mar 31, 2026 |
Janus Henderson Group PLCInstitution | 5.60% | 1.19M | 13Fas of Mar 31, 2026 |
Affinity Asset Advisors, LLCInstitution | 4.77% | 1.01M | 13Fas of Mar 31, 2026 |
| See all 25 → | |||
13F — a manager's quarterly holdings
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 30, 2025 | Antony A. Riley | officer: CHIEF FINANCIAL OFFICER | +9,680 | $26.33 |
- Takeda (ADR)
Phase 2b celiac therapy designed to block gluten-driven immune response
- Incyte
Phase 3 oral JAK program in nonsegmental vitiligo
- Eli Lilly
FDA-approved systemic JAK treatment for adult severe alopecia areata
- Pfizer
FDA-approved oral JAK3/TEC inhibitor for severe alopecia areata
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Forte Biosciences | $76.99 | 0.00% | $1.58B | — | — | — | — |
| Takeda (ADR) | $18.73 | +1.55% | $58.65B | 51.2 | 56.8 | 2.0 | +5.8% |
| Incyte | $128.82 | +3.05% | $26.11B | 16.4 | 53.4 | 4.5 | +37.7% |
| Eli Lilly | $1,165.91 | +0.56% | $1.09T | 38.9 | 28.4 | 13.7 | +47.7% |
| Pfizer | $28.99 | −0.15% | $165.40B | 38.3 | 10.4 | 2.6 | +2.6% |
| Median | 38.6 | 40.9 | 3.5 | +21.7% |