$Forte Biosciences(FBRX.US) rose +19.7%. FB102 achieved its key objective in vitiligo research, with data also showing durable improvement. The clinical data is solid, and the market cap has more than quintupled in a year, now around $900M.
For a Biotech after data is delivered, the next step is to wait for data from the next indication to take over, or to take profits first? Behind FB102 are a string of indications like celiac disease, alopecia areata, and type 1 diabetes. Each one is an option, but each one also requires burning cash.
I guess the market will first digest this rally in the short term—the data release day is often the peak of sentiment for that phase.
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