Fortress Biotech (NASDAQ:FBIO – Get Free Report) released its quarterly earnings data on Thursday. The biopharmaceutical company reported $2.82 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $3.04, FiscalAI reports. The firm had revenue of $16.04 million for the quarter, compared to analysts’ expectations of $16.34 million. Fortress Biotech had a net margin of 10.77% and a negative return on equity of 41.20%.
Fortress Biotech Price Performance
FBIO traded up $0.07 during trading hours 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 stock has a market cap of $76.41 million, a price-to-earnings ratio of -17.69 and a beta of 1.16. The business’s 50-day moving average price is $2.64 and its 200-day moving average price is $3.02. The company has a current ratio of 2.49, a quick ratio of 2.30 and a debt-to-equity ratio of 0.84. Fortress Biotech has a 12 month low of $1.66 and a 12 month high of $4.53.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of Fortress Biotech in a research report on Friday, March 27th. Zacks Research cut shares of Fortress Biotech from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 16th. Wall Street Zen cut shares of Fortress Biotech from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Finally, HC Wainwright reiterated a “buy” rating and set a $17.00 price objective on shares of Fortress Biotech in a research report on Monday, February 23rd. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Fortress Biotech currently has an average rating of “Hold” and an average price target of $17.00.
Hedge Funds Weigh In On Fortress Biotech
A number of institutional investors and hedge funds have recently made changes to their positions in FBIO. Opaleye Management Inc. purchased a new position in shares of Fortress Biotech in the 4th quarter worth $3,989,000. Bridgeway Capital Management LLC purchased a new position in shares of Fortress Biotech in the 4th quarter worth $667,000. Vanguard Group Inc. grew its stake in shares of 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 buying an additional 97,405 shares in the last quarter. Man Group plc purchased a new position in shares of Fortress Biotech in the 4th quarter worth $193,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Fortress Biotech in the 4th quarter worth $180,000. 96.51% of the stock is owned by hedge funds and other institutional investors.
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.
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