Fortress Biotech (NASDAQ:FBIO) Issues Earnings Results, Beats Expectations By $0.12 EPS

Fortress Biotech (NASDAQ:FBIO) announced its quarterly earnings data on Thursday. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $18.72 million during the quarter, compared to analysts’ expectations of $18.30 million.

Fortress Biotech Trading Up 8.4%

Shares of NASDAQ:FBIO traded up $0.23 during mid-day trading on Thursday, reaching $2.98. The stock had a trading volume of 1,394,060 shares, compared to its average volume of 714,847. The firm has a market cap of $99.00 million, a PE ratio of 0.94 and a beta of 1.21. The firm has a 50 day simple moving average of $3.06 and a two-hundred day simple moving average of $2.94. The company has a current ratio of 2.86, a quick ratio of 2.77 and a debt-to-equity ratio of 0.18. Fortress Biotech has a twelve month low of $1.91 and a twelve month high of $4.53.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FBIO. Bank of America Corp DE grew its stake in Fortress Biotech by 923.3% in the third quarter. Bank of America Corp DE now owns 7,122 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 6,426 shares during the period. Visionary Wealth Advisors acquired a new stake in shares of Fortress Biotech during the fourth quarter worth about $41,000. XTX Topco Ltd bought a new position in shares of Fortress Biotech during the 2nd quarter valued at about $42,000. Osaic Holdings Inc. grew 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 purchasing an additional 5,034 shares during the period. Finally, Scientech Research LLC acquired a new position in shares of Fortress Biotech in the 3rd quarter valued at approximately $67,000. 96.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FBIO shares. Citigroup reaffirmed a “buy” rating on shares of Fortress Biotech in a research note on Monday, May 18th. Weiss Ratings restated a “sell (d)” rating on shares of Fortress Biotech in a report on Wednesday, July 8th. Finally, Wall Street Zen raised shares of Fortress Biotech from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 24th. Two research 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. Based on data from MarketBeat, Fortress Biotech currently has an average rating of “Hold” and an average target price of $17.00.

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.