Fortress Biotech (FBIO) Shares Gap Up to $1.48

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Fortress Biotech (NASDAQ:FBIO) shares gapped up prior to trading on Thursday . The stock had previously closed at $0.69, but opened at $1.48. Fortress Biotech shares last traded at $2.07, with a volume of 9555470 shares changing hands.

Separately, Zacks Investment Research lowered shares of Fortress Biotech from a “buy” rating to a “hold” rating in a research note on Thursday, January 17th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $8.31.

The stock has a market capitalization of $81.62 million, a PE ratio of -1.29 and a beta of 1.66. The company has a current ratio of 2.25, a quick ratio of 2.24 and a debt-to-equity ratio of 0.76.

Fortress Biotech (NASDAQ:FBIO) last announced its earnings results on Friday, November 9th. The biopharmaceutical company reported ($0.37) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.55) by $0.18. Fortress Biotech had a negative net margin of 30.52% and a negative return on equity of 68.16%. The firm had revenue of $63.69 million for the quarter, compared to analyst estimates of $64.88 million. As a group, equities research analysts forecast that Fortress Biotech will post -2.03 earnings per share for the current year.

In other Fortress Biotech news, CFO Robyn Hunter sold 20,370 shares of the stock in a transaction that occurred on Friday, November 23rd. The shares were sold at an average price of $1.29, for a total transaction of $26,277.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP George Avgerinos sold 97,325 shares of the stock in a transaction that occurred on Tuesday, December 11th. The stock was sold at an average price of $1.05, for a total transaction of $102,191.25. Following the transaction, the senior vice president now owns 255,170 shares in the company, valued at approximately $267,928.50. The disclosure for this sale can be found here. Corporate insiders own 34.70% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of FBIO. BlackRock Inc. boosted its position in shares of Fortress Biotech by 6.6% during the 2nd quarter. BlackRock Inc. now owns 1,903,033 shares of the biopharmaceutical company’s stock worth $5,671,000 after acquiring an additional 117,290 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of Fortress Biotech by 109.0% during the 2nd quarter. Macquarie Group Ltd. now owns 97,982 shares of the biopharmaceutical company’s stock worth $292,000 after acquiring an additional 51,100 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Fortress Biotech by 264.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 200,886 shares of the biopharmaceutical company’s stock worth $321,000 after acquiring an additional 145,766 shares in the last quarter. Cpwm LLC acquired a new stake in shares of Fortress Biotech during the 3rd quarter worth approximately $274,000. Finally, Renaissance Technologies LLC boosted its position in shares of Fortress Biotech by 222.4% during the 3rd quarter. Renaissance Technologies LLC now owns 378,218 shares of the biopharmaceutical company’s stock worth $605,000 after acquiring an additional 260,920 shares in the last quarter. Institutional investors and hedge funds own 14.83% of the company’s stock.

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About Fortress Biotech (NASDAQ:FBIO)

Fortress Biotech, Inc develops and commercializes pharmaceutical and biotechnology products. The company develops CNDO-109, a lysate that treats cancer-related and other conditions; tramadol HCl for managing postoperative pain; CAEL-101 for the treatment of amyloid light chain amyloidosis; and CEVA101 for severe traumatic brain injury in children and adults in the United States.

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