Fortress Biotech (NASDAQ:FBIO) Announces Earnings Results

Fortress Biotech (NASDAQ:FBIO) posted its quarterly earnings results on Thursday. The biopharmaceutical company reported $2.82 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $3.04, FiscalAI reports. The company had revenue of $16.04 million for the quarter, compared to the consensus estimate of $16.34 million. Fortress Biotech had a net margin of 193.12% and a return on equity of 183.28%.

Fortress Biotech Trading Up 4.8%

Shares of FBIO stock traded up $0.11 during mid-day trading on Friday, reaching $2.41. The company’s stock had a trading volume of 768,015 shares, compared to its average volume of 275,132. The company’s 50 day simple moving average is $2.63 and its 200-day simple moving average is $3.01. Fortress Biotech has a 12-month low of $1.66 and a 12-month high of $4.53. The company has a quick ratio of 2.30, a current ratio of 2.49 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $80.06 million, a PE ratio of 0.76 and a beta of 1.16.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Zacks Research downgraded shares of Fortress Biotech from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 16th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Fortress Biotech in a research note on Friday, March 27th. Wall Street Zen raised shares of Fortress Biotech from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $17.00 price target on shares of Fortress Biotech in a research note on Monday, February 23rd. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $17.00.

Hedge Funds Weigh In On Fortress Biotech

Hedge funds have recently made changes to their positions in the business. Bank of America Corp DE raised its stake in shares of Fortress Biotech by 923.3% in the 3rd quarter. Bank of America Corp DE now owns 7,122 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 6,426 shares during the period. Visionary Wealth Advisors acquired a new stake in Fortress Biotech during the 4th quarter valued at $41,000. XTX Topco Ltd acquired a new stake in Fortress Biotech during the 4th quarter valued at $53,000. Scientech Research LLC acquired a new stake in Fortress Biotech during the 3rd quarter valued at $67,000. Finally, Osaic Holdings Inc. grew its holdings in Fortress Biotech by 18.4% during the 2nd quarter. Osaic Holdings Inc. now owns 32,379 shares of the biopharmaceutical company’s stock valued at $60,000 after purchasing an additional 5,034 shares in the last quarter. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Fortress Biotech Company Profile

Fortress Biotech, Inc is a clinical‐stage biopharmaceutical company focused on acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Headquartered in New York, the company operates through a network of majority‐owned subsidiaries that target areas of high unmet medical need, including oncology, rare diseases and dermatology. Fortress Biotech’s business model emphasizes in‐licensing or acquiring promising drug candidates and coordinating their development through specialized affiliate companies, allowing for flexible capital allocation and focused management of individual programs.

Through its portfolio of subsidiaries, Fortress Biotech advances a diversified pipeline spanning small molecules, biologics and cell therapies.