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

by · The Cerbat Gem

Fortress Biotech (NASDAQ:FBIO – Get Free Report) issued its quarterly earnings data on Friday. The biopharmaceutical company reported $0.11 earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.54, Zacks reports. The business had revenue of $17.03 million for the quarter, compared to analysts’ expectations 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 Trading Up 5.2%

Shares of FBIO stock traded up $0.13 on Friday, reaching $2.62. 434,966 shares of the stock were exchanged, compared to its average volume of 490,011. The company has a quick ratio of 1.70, a current ratio of 1.92 and a debt-to-equity ratio of 1.34. Fortress Biotech has a 1-year low of $1.33 and a 1-year high of $4.20. The stock has a market cap of $77.96 million, a P/E ratio of -2.50 and a beta of 1.60. The firm has a 50 day moving average of $3.02 and a two-hundred day moving average of $2.33.

Wall Street Analyst Weigh In

FBIO has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortress Biotech in a research note on Wednesday, October 8th. Wall Street Zen lowered Fortress Biotech from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, HC Wainwright cut their price target on shares of Fortress Biotech from $26.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, August 21st. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Fortress Biotech currently has an average rating of “Hold” and an average target price of $16.50.

Get Our Latest Report on Fortress Biotech

Institutional Trading of Fortress Biotech

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

Fortress Biotech Company Profile

(Get Free Report)

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.

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