Fortress Biotech (NASDAQ:FBIO) Issues Earnings Results, Beats Estimates By $3.04 EPS

Fortress Biotech (NASDAQ:FBIO) released its quarterly earnings results on Thursday. The biopharmaceutical company reported $2.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $3.04, FiscalAI reports. Fortress Biotech had a negative return on equity of 41.20% and a net margin of 10.77%.The firm had revenue of $16.04 million for the quarter, compared to the consensus estimate of $16.34 million.

Fortress Biotech Price Performance

Shares of FBIO traded up $0.07 during mid-day trading on Thursday, hitting $2.30. The company’s stock had a trading volume of 506,459 shares, compared to its average volume of 265,886. The company has a current ratio of 2.49, a quick ratio of 2.30 and a debt-to-equity ratio of 0.84. The firm has a 50-day simple moving average of $2.64 and a 200 day simple moving average of $3.02. The firm has a market capitalization of $76.41 million, a P/E ratio of -17.69 and a beta of 1.16. Fortress Biotech has a 1-year low of $1.66 and a 1-year high of $4.53.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Zacks Research cut Fortress Biotech from a “strong-buy” rating to a “hold” rating in a report on Monday, March 16th. HC Wainwright reissued a “buy” rating and issued a $17.00 price target on shares of Fortress Biotech in a report on Monday, February 23rd. Weiss Ratings reissued a “sell (d+)” rating on shares of Fortress Biotech in a report on Friday, March 27th. Finally, Wall Street Zen cut Fortress Biotech from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $17.00.

Institutional Trading of Fortress Biotech

Several hedge funds have recently modified their holdings of FBIO. Quadrature Capital Ltd acquired a new position in Fortress Biotech during the fourth quarter worth $180,000. Man Group plc acquired a new position in Fortress Biotech during the fourth quarter worth $193,000. Bridgeway Capital Management LLC acquired a new position in Fortress Biotech during the fourth quarter worth $667,000. Panagora Asset Management Inc. raised its holdings in Fortress Biotech by 56.9% during the fourth quarter. Panagora Asset Management Inc. now owns 56,668 shares of the biopharmaceutical company’s stock worth $207,000 after purchasing an additional 20,556 shares during the last quarter. Finally, State Street Corp raised its holdings in Fortress Biotech by 11.5% during the fourth quarter. State Street Corp now owns 77,266 shares of the biopharmaceutical company’s stock worth $283,000 after purchasing an additional 8,000 shares during the last quarter. 96.51% of the stock is owned by institutional investors and hedge funds.

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.