FBRX - Forte Biosciences large shareholders make demands for company's future

• A pair of large shareholders of Forte Biosciences ( NASDAQ: FBRX ) are making demands that could impact the company's future, including the suggestion that the company liquidate.
• In a Wednesday SEC filing , Brad Leonard, managing member of BML Capital Management, which has a 9.1% stake in common shares, wrote that "Forte shareholders would be best served by a complete liquidation as soon as possible."
• Forte ( FBRX ) and some shareholders have been at odds over the future of Forte's only asset, FB-102, which is in the preclinical stage for several indications, including alopecia and vitiligo, a conditions that affects skin pigmentation.
• Leonard noted that since a May announcement on development plans , there has not been a single insider purchase.
• On Tuesday, Jacob Ma-Weaver, managing member of Funicular Funds, said in a SEC filing that Forte's board had yet to make an "adequate assessment of the potential immediate value creation that could be achieved through a substantial buyback program, tender offer at a premium, or special dividend." Funicular has a 7.5% stake.
• Seeking Alpha's Quant Rating views Forte ( FBRX ) as a hold with the only high grade being for valuation .

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