HC Wainwright Has Lowered Expectations for Fortress Biotech (NASDAQ:FBIO) Stock Price

Fortress Biotech (NASDAQ:FBIO) had its target price lowered by analysts at HC Wainwright from $26.00 to $17.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock.

Fortress Biotech Stock Up 1.3%

Shares of FBIO stock opened at $2.27 on Thursday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 1.55 and a current ratio of 1.92. The firm’s 50-day moving average is $1.92 and its 200-day moving average is $1.77. The stock has a market cap of $67.53 million, a price-to-earnings ratio of -2.16 and a beta of 1.76. Fortress Biotech has a 52-week low of $1.33 and a 52-week high of $2.36.

Fortress Biotech (NASDAQ:FBIO) last issued its earnings results on Thursday, August 14th. The biopharmaceutical company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.15). The firm had revenue of $16.41 million during the quarter, compared to the consensus estimate of $14.53 million. Fortress Biotech had a negative net margin of 24.84% and a negative return on equity of 301.81%. Sell-side analysts predict that Fortress Biotech will post -3.28 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of FBIO. Geode Capital Management LLC grew its stake in Fortress Biotech by 21.3% in the 4th quarter. Geode Capital Management LLC now owns 204,537 shares of the biopharmaceutical company’s stock valued at $414,000 after buying an additional 35,930 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in Fortress Biotech by 30.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 239,594 shares of the biopharmaceutical company’s stock valued at $485,000 after buying an additional 55,648 shares during the last quarter. Renaissance Technologies LLC grew its stake in Fortress Biotech by 125.1% in the 4th quarter. Renaissance Technologies LLC now owns 175,800 shares of the biopharmaceutical company’s stock valued at $356,000 after buying an additional 97,712 shares during the last quarter. XTX Topco Ltd acquired a new position in Fortress Biotech in the 4th quarter valued at about $62,000. Finally, Integrated Wealth Concepts LLC grew its stake in Fortress Biotech by 28.9% in the 4th quarter. Integrated Wealth Concepts LLC now owns 59,400 shares of the biopharmaceutical company’s stock valued at $120,000 after buying an additional 13,300 shares during the last quarter. Institutional investors and hedge funds own 96.51% of the company’s stock.

Fortress Biotech Company Profile

Fortress Biotech, Inc, a biopharmaceutical company, develops dermatology, pharmaceutical, and biotechnology products in the United States. The company markets dermatology products, such as Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Accutane capsules for severe recalcitrant nodular acne; Amzeeq for severe acne vulgaris; Zilxi, a topical foam; Exelderm cream and solution for topical use; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Luxamend; sulconazole nitrate cream and solution for tinea cruris and tinea corporis; and doxycycline hyclate tablet.