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Highlights
- Forte Biosciences, Inc. (NASDAQ:FBRX) failed in phase 2 clinical trial for the treatment of atopic dermatitis.
- Cellect Biotechnology Ltd. ADS (NASDAQ:APOP) has successfully conducted ApoGraftTM transplantation in a Leukemia patient.
- FBRX stock fell around 85% YTD and APOP stock rose over 247% YTD.
Stocks of Forte Biosciences, Inc. (NASDAQ:FBRX) and Cellect Biotechnology Ltd. (NASDAQ:APOP) were trending on Wall Street Friday after announcing their recent clinical trial results.
FBRX stock traded at US$5.68, down 80.13%, at 8:28 am ET, and APOP stock traded at US$9.11, up 65.64%, at 8:30 am ET.
We explore here the recent developments of the two companies.
Forte Biosciences, Inc.
The Torrance, California-based Forte Biosciences develops treatments for skin diseases. It was founded in 2007. The stock plunged over 80% a day after it announced that its phase 2 clinical trial for the treatment of atopic dermatitis failed to meet the expectations. The product candidate is FB-401. FDA had given a fast-track designation to FB-401 in October 2020.
The stock closed at US$28.59 on Sep 2, with a trading volume of 14,246,120. The company said it will not proceed further with the product candidate but will continue to analyze the data.
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The Torrance-based company has a market capitalization of US$402 million. Its 52-week highest and lowest stock prices were US$53.99 and US$23.61, respectively.
Forte’s liquidity reserves were US$50.8 million at the end of June 30, 2021.
The company did not earn any revenue in the June quarter of 2021. Its net loss was US$5.8 million or US$0.43 per share diluted for the June quarter of 2021, compared to the net loss of US$34.8 million or US$9.52 per share diluted in the comparable quarter of 2020.
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Source - pixabay
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Cellect Biotechnology Ltd.
Cellect is based in Kfar Saba, Israel, and runs the ApoGraft platform. It develops technology to select stem cells from tissues for regenerative cell therapies. On Sep 2, the company announced its first ApoGraftTM transplantation in a Leukemia patient under clinical trial in the US.
In another major development, EnCellX plans to acquire Cellect’s proprietary technology through a strategic merger transaction. Cellect’s successful transplantation and positive topline data from trials in Israel might help EnCellX to raise funds for clinical development.
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The stock was up 50% after the announcement on Friday. The stock’s 52-week highest and lowest prices were US$7.15 and US$1.65, respectively.
On Sep 2, the stock closed at US$5.50 with a trading volume of 11,779,350. On Friday, the stock broke its 52-week highest level after it hit US$8.1235 at 9:44 am ET.
It has a market capitalization of US$21.57 million. Its liquidity reserves were US$2.67 million as of June 30, 2021.
For the June quarter of 2021, the total comprehensive loss was US$5.6 million or US$0.014 per share diluted compared to a total comprehensive loss of US$8.8 million or US$0.024 per share diluted for the same quarter the previous year.
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Bottomline
The healthcare sector has registered significant growth over the past year, boosted by robust orders and government support. Analysts expect the growth momentum to continue in the upcoming quarters.
