Fortress Biotech (NASDAQ:FBIO) Issues Quarterly Earnings Results, Beats Expectations By $0.54 EPS

by · The Markets Daily

Fortress Biotech (NASDAQ:FBIO – Get Free Report) released its quarterly earnings data on Friday. The biopharmaceutical company reported $0.11 EPS for the quarter, beating the consensus estimate of ($0.43) by $0.54, Zacks reports. Fortress Biotech had a negative return on equity of 301.81% and a negative net margin of 24.84%.The company had revenue of $17.03 million for the quarter, compared to analyst estimates of $21.02 million.

Fortress Biotech Stock Performance

Shares of FBIO traded up $0.13 during mid-day trading on Friday, hitting $2.62. The stock had a trading volume of 434,966 shares, compared to its average volume of 490,011. Fortress Biotech has a fifty-two week low of $1.33 and a fifty-two week high of $4.20. The company has a quick ratio of 1.70, a current ratio of 1.92 and a debt-to-equity ratio of 1.34. The company has a market cap of $77.96 million, a PE ratio of -2.50 and a beta of 1.60. The company’s fifty day simple moving average is $3.02 and its two-hundred day simple moving average is $2.33.

Institutional Trading of Fortress Biotech

Institutional investors have recently added to or reduced their stakes in the business. XTX Topco Ltd acquired a new stake in shares of Fortress Biotech during the second quarter worth $42,000. Osaic Holdings Inc. lifted 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 worth $60,000 after acquiring an additional 5,034 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Fortress Biotech by 11.4% during the third 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 during the last quarter. Finally, Two Sigma Investments LP raised its position in shares of Fortress Biotech by 85.4% during the 3rd quarter. Two Sigma Investments LP now owns 84,981 shares of the biopharmaceutical company’s stock worth $314,000 after purchasing an additional 39,149 shares during the period. Institutional investors own 96.51% of the company’s stock.

Analyst Upgrades and Downgrades

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

Check Out Our Latest Stock Analysis on Fortress Biotech

About Fortress Biotech

(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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