- Argenx (ARGX) announced the acquisition of Forte Biosciences (FBRX) at $77 per share on July 27.
- FBRX saw significant price movement beginning June 29, weeks before the public announcement.
- Both FBRX and ARGX exhibited notable trading activity ahead of the deal, suggesting possible insider knowledge influencing price action.
- This case exemplifies how pre-announcement trading patterns can signal forthcoming M&A activity, offering educational insight into market behavior.