Fortress Biotech (NASDAQ:FBIO) Announces Earnings Results, Beats Expectations By $3.04 EPS

by · The Cerbat Gem

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

Fortress Biotech Trading Up 3.7%

Shares of FBIO traded up $0.09 during mid-day trading on Friday, reaching $2.39. The company’s stock had a trading volume of 547,312 shares, compared to its average volume of 786,295. Fortress Biotech has a 52 week low of $1.66 and a 52 week high of $4.53. The stock has a market cap of $79.23 million, a PE ratio of -18.42 and a beta of 1.16. The company’s fifty day moving average price is $2.64 and its two-hundred 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.

Wall Street Analysts Forecast Growth

FBIO has been the topic of a number of research analyst reports. 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. Zacks Research lowered shares of Fortress Biotech from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 16th. Weiss Ratings reissued a “sell (d+)” rating on shares of Fortress Biotech in a research note on Friday, March 27th. Finally, Wall Street Zen downgraded Fortress Biotech from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. One research 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $17.00.

Get Our Latest Analysis on FBIO

Hedge Funds Weigh In On Fortress Biotech

Large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its position in Fortress Biotech by 923.3% during the third 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 period. Visionary Wealth Advisors purchased a new position in shares of Fortress Biotech in the fourth quarter worth about $41,000. XTX Topco Ltd bought a new stake in shares of Fortress Biotech in the 2nd quarter valued at about $42,000. Osaic Holdings Inc. boosted its holdings in Fortress Biotech by 18.4% during 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 during the period. Finally, Scientech Research LLC bought a new position in Fortress Biotech during the 3rd quarter worth approximately $67,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Fortress Biotech Company Profile

(Get Free Report)

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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