PVG Asset Management Corp Reduces Stake in Fortress Biotech, Inc. $FBIO

PVG Asset Management Corp lessened its holdings in Fortress Biotech, Inc. (NASDAQ:FBIO) by 77.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 73,141 shares of the biopharmaceutical company’s stock after selling 248,820 shares during the quarter. PVG Asset Management Corp owned about 0.24% of Fortress Biotech worth $270,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Bank of America Corp DE boosted its holdings 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 last quarter. XTX Topco Ltd purchased a new position in shares of Fortress Biotech during the second quarter worth $42,000. Abacus Planning Group Inc. purchased a new position in shares of Fortress Biotech during the third quarter worth $54,000. Osaic Holdings Inc. lifted its position in Fortress Biotech by 18.4% during the second 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 during the period. Finally, Scientech Research LLC acquired a new position in Fortress Biotech during the third quarter valued at $67,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on FBIO shares. Wall Street Zen raised shares of Fortress Biotech from a “hold” rating to a “buy” rating in a report on Sunday, November 23rd. Zacks Research lowered Fortress Biotech from a “strong-buy” rating to a “hold” rating in a research note on Monday. HC Wainwright reaffirmed a “buy” rating and set a $17.00 price objective on shares of Fortress Biotech in a research note on Monday, February 23rd. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Fortress Biotech in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $17.00.

Fortress Biotech Stock Performance

NASDAQ:FBIO opened at $3.16 on Thursday. The company has a fifty day simple moving average of $3.43 and a two-hundred day simple moving average of $3.21. The company has a quick ratio of 1.97, a current ratio of 2.19 and a debt-to-equity ratio of 0.73. Fortress Biotech, Inc. has a 52 week low of $1.33 and a 52 week high of $4.53. The company has a market cap of $98.09 million, a price-to-earnings ratio of -17.56 and a beta of 1.38.

Fortress Biotech 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.