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Virgin Galactic Grounded; Forte Slammed: Late Breaking Roundup

Richard Branson's space company facing FAA probe following report of flight deviation.

Richard Branson’s Virgin Galactic  (SPCE) - Get Virgin Galactic Report has been ordered not to fly while the Federal Aviation Administration probes a flight deviation during its first crewed mission in July.

The agency’s action came after a report in "The New Yorker" describing a more than minute long deviation while the spacecraft, carrying Branson and others, traveled outside of its cleared airspace.

“Virgin Galactic may not return the SpaceShipTwo vehicle to flight until the FAA approves the final mishap investigation report or determines the issues related to the mishap do not affect public safety,” the agency said in a statement emailed to news organizations.

Shares of Virgin Galactic ended off 3% at $25.99 Thursday. The stock fell slightly in after-hours trading.

Forte Slammed

Forte Biosciences, Inc.  (FBRX ) shares collapsed in after-hours trading Thursday, losing more than 80% of their value following a failed drug trial. 

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The company said “topline data from its Phase 2 clinical trial of FB-401 for the treatment of atopic dermatitis failed to meet statistical significance for the primary endpoint.” Forte said the endpoint was reached by “58% of subjects on FB-401 compared to 60% of subjects on placebo.” 

It said it won’t continue to move forward with the drug candidate, adding that “We expect to provide investors with an update on the future plans for the company over the next several months."

MongoDB Jumps

MongoDB, Inc.  (MDB) - Get MongoDB, Inc. Class A Report shares rose sharply in after-hours trading Thursday after the company reported its latest financial results and offered updated guidance for the current quarter.

In the just completed quarter, the company said its non-GAAP net loss was $15.2 million or 24 cents a share vs. $12.7 million or 22 cents a share on $198.7 million in revenue.

Mongo forecast a non-GAAP loss from operations of $25 million to $23 million, and a non-GAAP net loss per share of 42 cents to 39 cents on revenue of $202 million to $204 million.

"MongoDB's second quarter results were exceptionally strong across the board said Dev Ittycheria, President and Chief Executive Officer of MongoDB in a statement. “Our performance reflects the desire of nearly every business to use a modern application data platform that enables them to accelerate the pace of their digital innovation agenda."