Fortress Biotech (NASDAQ:FBIO) Posts Quarterly Earnings Results, Beats Estimates By $0.54 EPS

Fortress Biotech (NASDAQ:FBIO) announced its quarterly earnings results on Friday. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.54, Zacks reports. The firm had revenue of $17.03 million during the quarter, compared to the consensus estimate of $21.02 million. Fortress Biotech had a negative return on equity of 301.81% and a negative net margin of 24.84%.

Fortress Biotech Stock Up 5.2%

FBIO opened at $2.62 on Friday. Fortress Biotech has a 12 month low of $1.33 and a 12 month high of $4.20. The stock’s 50 day moving average price is $3.02 and its 200 day moving average price is $2.34. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.92 and a quick ratio of 1.70. The stock has a market cap of $77.96 million, a P/E ratio of -2.50 and a beta of 1.60.

Hedge Funds Weigh In On Fortress Biotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd acquired a new stake in Fortress Biotech during the 2nd quarter worth about $42,000. Osaic Holdings Inc. lifted its position in shares of Fortress Biotech by 18.4% in the 2nd quarter. Osaic Holdings Inc. now owns 32,379 shares of the biopharmaceutical company’s stock valued at $60,000 after acquiring an additional 5,034 shares in the last quarter. Vanguard Group Inc. boosted its stake in Fortress Biotech by 11.4% in the 3rd quarter. Vanguard Group Inc. now owns 950,327 shares of the biopharmaceutical company’s stock worth $3,511,000 after purchasing an additional 97,405 shares during the period. Finally, Two Sigma Investments LP grew its position in Fortress Biotech by 85.4% during the 3rd quarter. Two Sigma Investments LP now owns 84,981 shares of the biopharmaceutical company’s stock worth $314,000 after purchasing an additional 39,149 shares in the last quarter. 96.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on FBIO. HC Wainwright lowered their price objective on shares of Fortress Biotech from $26.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, August 21st. Wall Street Zen lowered shares of Fortress Biotech from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Fortress Biotech in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $16.50.

About Fortress Biotech

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.