Fortress Biotech (NASDAQ:FBIO) Announces Quarterly Earnings Results

Fortress Biotech (NASDAQ:FBIO) posted its earnings results on Tuesday. The biopharmaceutical company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.32), FiscalAI reports. Fortress Biotech had a negative return on equity of 69.39% and a net margin of 6.40%.The company had revenue of $16.08 million during the quarter, compared to the consensus estimate of $26.17 million.

Fortress Biotech Trading Up 3.3%

NASDAQ FBIO traded up $0.09 during trading hours on Tuesday, reaching $2.79. The company’s stock had a trading volume of 700,726 shares, compared to its average volume of 459,050. The firm has a fifty day simple moving average of $3.27 and a 200-day simple moving average of $3.18. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.19 and a quick ratio of 1.97. Fortress Biotech has a 52 week low of $1.33 and a 52 week high of $4.53. The stock has a market cap of $86.60 million, a P/E ratio of -15.50 and a beta of 1.38.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Zacks Research cut shares of Fortress Biotech from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 16th. Wall Street Zen lowered shares of Fortress Biotech from a “buy” rating to a “hold” rating in a research report on Saturday. HC Wainwright reiterated a “buy” rating and set a $17.00 price target on shares of Fortress Biotech in a report on Monday, February 23rd. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Fortress Biotech in a research note on Friday. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.00.

Hedge Funds Weigh In On Fortress Biotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. XTX Topco Ltd bought a new position in shares of Fortress Biotech during the second quarter valued at $42,000. Osaic Holdings Inc. grew its stake in shares of Fortress Biotech by 18.4% in the second quarter. Osaic Holdings Inc. now owns 32,379 shares of the biopharmaceutical company’s stock worth $60,000 after purchasing an additional 5,034 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Fortress Biotech by 11.4% in the third quarter. Vanguard Group Inc. now owns 950,327 shares of the biopharmaceutical company’s stock worth $3,511,000 after purchasing an additional 97,405 shares during the last quarter. Two Sigma Investments LP raised its position in Fortress Biotech by 85.4% during the 3rd quarter. Two Sigma Investments LP now owns 84,981 shares of the biopharmaceutical company’s stock worth $314,000 after purchasing an additional 39,149 shares during the last quarter. Finally, Bank of America Corp DE raised its position in Fortress Biotech by 923.3% during the 3rd quarter. Bank of America Corp DE now owns 7,122 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 6,426 shares during the last quarter. 96.51% of the stock is currently owned by institutional investors and hedge funds.

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.