Fortress Biotech (NASDAQ:FBIO) Releases Earnings Results

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

Fortress Biotech Price Performance

Shares of Fortress Biotech stock traded up $0.09 on Tuesday, hitting $2.79. 700,726 shares of the company traded hands, compared to its average volume of 459,050. Fortress Biotech has a 52 week low of $1.33 and a 52 week high of $4.53. The business has a 50-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 quick ratio of 1.97 and a current ratio of 2.19. The stock has a market capitalization of $86.60 million, a P/E ratio of -15.50 and a beta of 1.38.

Analyst Upgrades and Downgrades

FBIO has been the topic of a number of analyst reports. Weiss Ratings restated a “sell (d+)” rating on shares of Fortress Biotech in a research note on Friday. Zacks Research lowered Fortress Biotech from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 16th. Wall Street Zen cut Fortress Biotech from a “buy” rating to a “hold” rating in a report on Saturday. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Fortress Biotech in a research note on Monday, February 23rd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $17.00.

Hedge Funds Weigh In On Fortress Biotech

Several institutional investors have recently bought and sold shares of the stock. Opaleye Management Inc. purchased a new position in shares of Fortress Biotech in the 4th quarter worth $3,989,000. Bridgeway Capital Management LLC bought a new position in shares of Fortress Biotech in the 4th quarter valued at about $667,000. Vanguard Group Inc. lifted its holdings in shares of Fortress Biotech by 11.4% in the 3rd quarter. Vanguard Group Inc. now owns 950,327 shares of the biopharmaceutical company’s stock valued at $3,511,000 after acquiring an additional 97,405 shares during the last quarter. Man Group plc purchased a new position in Fortress Biotech in the fourth quarter worth about $193,000. Finally, Quadrature Capital Ltd purchased a new position in Fortress Biotech in the fourth quarter worth about $180,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

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.