Fortress Biotech (NASDAQ:FBIO) Issues Quarterly Earnings Results, Beats Expectations By $0.59 EPS

Fortress Biotech (NASDAQ:FBIO) issued its quarterly earnings results on Tuesday. The biopharmaceutical company reported ($0.73) earnings per share for the quarter, topping the consensus estimate of ($1.32) by $0.59, Zacks reports. The firm had revenue of $14.90 million during the quarter, compared to analysts’ expectations of $14.97 million.

Fortress Biotech Price Performance

NASDAQ FBIO traded up $0.09 during trading on Thursday, hitting $1.90. 413,933 shares of the stock traded hands, compared to its average volume of 311,420. The company has a market capitalization of $38.78 million, a P/E ratio of -0.31 and a beta of 1.74. The firm has a 50-day simple moving average of $1.92 and a 200-day simple moving average of $1.89. The company has a quick ratio of 1.21, a current ratio of 1.33 and a debt-to-equity ratio of 38.42. Fortress Biotech has a 12-month low of $1.24 and a 12-month high of $7.35.

Wall Street Analyst Weigh In

Several research firms have commented on FBIO. Cantor Fitzgerald reissued an “overweight” rating on shares of Fortress Biotech in a report on Thursday, June 20th. HC Wainwright reissued a “buy” rating and issued a $24.00 target price on shares of Fortress Biotech in a report on Friday, July 19th. Roth Mkm reissued a “buy” rating and issued a $10.00 target price on shares of Fortress Biotech in a report on Thursday, May 16th. Finally, StockNews.com upgraded Fortress Biotech from a “sell” rating to a “hold” rating in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Fortress Biotech has a consensus rating of “Moderate Buy” and an average price target of $28.50.

Insider Buying and Selling at Fortress Biotech

In other news, CEO Lindsay A. Md Rosenwald purchased 5,000 shares of the business’s stock in a transaction on Thursday, July 11th. The stock was acquired at an average price of $7.48 per share, for a total transaction of $37,400.00. Following the acquisition, the chief executive officer now directly owns 127,500 shares of the company’s stock, valued at approximately $953,700. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Lindsay A. Md Rosenwald acquired 20,000 shares of the stock in a transaction dated Friday, June 28th. The stock was acquired at an average cost of $1.64 per share, with a total value of $32,800.00. Following the purchase, the chief executive officer now directly owns 2,893,905 shares of the company’s stock, valued at $4,746,004.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Lindsay A. Md Rosenwald purchased 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were acquired at an average cost of $7.48 per share, with a total value of $37,400.00. Following the completion of the purchase, the chief executive officer now directly owns 127,500 shares in the company, valued at approximately $953,700. The disclosure for this purchase can be found here. Insiders bought 30,500 shares of company stock worth $110,700 in the last quarter. 33.40% of the stock is owned by corporate insiders.

Fortress Biotech Company Profile

Fortress Biotech, Inc, a biopharmaceutical company, develops and commercializes pharmaceutical and biotechnology products. The company markets dermatology products, such as Ximino an oral minocycline drug for the treatment of moderate to severe acne; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Exelderm cream for antifungal intended for topical use; Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Amzeeq; Zilxi; and Accutane capsules for severe recalcitrant nodular acne.