Fortress Biotech (NASDAQ:FBIO) Announces Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Fortress Biotech (NASDAQ:FBIO) released its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.12, FiscalAI reports. The firm had revenue of $18.72 million for the quarter, compared to analyst estimates of $18.30 million. Fortress Biotech had a return on equity of 101.74% and a net margin of 163.32%.

Fortress Biotech Stock Down 1.7%

FBIO traded down $0.05 on Friday, reaching $2.93. The company’s stock had a trading volume of 1,029,927 shares, compared to its average volume of 693,324. Fortress Biotech has a 1 year low of $1.97 and a 1 year high of $4.53. The business’s 50 day moving average is $3.07 and its 200 day moving average is $2.94. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.86 and a quick ratio of 2.77. The stock has a market cap of $97.33 million, a price-to-earnings ratio of 1.11 and a beta of 1.21.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Fortress Biotech from a “strong-buy” rating to a “hold” rating in a research note on Saturday. Citigroup restated a “buy” rating on shares of Fortress Biotech in a research note on Monday, May 18th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Fortress Biotech in a report on Wednesday, July 8th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $17.00.

Hedge Funds Weigh In On Fortress Biotech

Institutional investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its stake in shares of Fortress Biotech by 923.3% during the 3rd quarter. Bank of America Corp DE now owns 7,122 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 6,426 shares during the last quarter. Visionary Wealth Advisors acquired a new stake in Fortress Biotech in the fourth quarter valued at $41,000. XTX Topco Ltd acquired a new stake in Fortress Biotech in the second quarter valued at $42,000. Osaic Holdings Inc. raised its holdings in Fortress Biotech by 18.4% in the second 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. Finally, Scientech Research LLC bought a new position in Fortress Biotech during the 3rd quarter valued at $67,000. 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.