Fortress Biotech (NASDAQ:FBIO) Posts Quarterly Earnings Results

Fortress Biotech (NASDAQ:FBIO) posted its earnings results on Thursday. The biopharmaceutical company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.12, FiscalAI reports. Fortress Biotech had a return on equity of 109.66% and a net margin of 193.12%.The business had revenue of $18.72 million for the quarter, compared to analysts’ expectations of $18.30 million.

Fortress Biotech Stock Performance

Fortress Biotech stock traded down $0.17 during mid-day trading on Friday, reaching $2.81. 556,641 shares of the company were exchanged, compared to its average volume of 713,624. Fortress Biotech has a twelve month low of $1.97 and a twelve month high of $4.53. The firm’s 50-day simple moving average is $3.07 and its two-hundred day simple moving average is $2.94. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.77 and a current ratio of 2.86. The firm has a market cap of $93.51 million, a PE ratio of 0.88 and a beta of 1.21.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Citigroup reaffirmed a “buy” rating on shares of Fortress Biotech in a research report on Monday, May 18th. Wall Street Zen raised Fortress Biotech from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 24th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Fortress Biotech in a research report on Wednesday, July 8th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.00.

Institutional Investors Weigh In On Fortress Biotech

Several large investors have recently modified their holdings of the stock. Quadrature Capital Ltd purchased a new position in Fortress Biotech in the 4th quarter valued at $180,000. Man Group plc purchased a new position in Fortress Biotech during the 4th quarter worth $193,000. Bridgeway Capital Management LLC acquired a new stake in shares of Fortress Biotech in the 4th quarter worth $667,000. Panagora Asset Management Inc. lifted its stake in shares of Fortress Biotech by 56.9% in the 4th quarter. Panagora Asset Management Inc. now owns 56,668 shares of the biopharmaceutical company’s stock worth $207,000 after acquiring an additional 20,556 shares during the period. Finally, State Street Corp boosted its holdings in shares of Fortress Biotech by 11.5% in the fourth quarter. State Street Corp now owns 77,266 shares of the biopharmaceutical company’s stock valued at $283,000 after acquiring an additional 8,000 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.