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

Fortress Biotech (NASDAQ:FBIO) posted its earnings results 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 firm had revenue of $17.03 million for the quarter, compared to analysts’ expectations of $21.02 million.

Fortress Biotech Stock Up 5.2%

NASDAQ:FBIO traded up $0.13 on Friday, hitting $2.62. 434,966 shares of the company’s stock traded hands, compared to its average volume of 490,011. The company has a market cap of $77.96 million, a PE ratio of -2.50 and a beta of 1.60. Fortress Biotech has a 1 year low of $1.33 and a 1 year high of $4.20. The company has a current ratio of 1.92, a quick ratio of 1.70 and a debt-to-equity ratio of 1.34. The firm has a 50-day moving average price of $3.02 and a 200-day moving average price of $2.33.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FBIO shares. Wall Street Zen cut shares of Fortress Biotech from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortress Biotech in a research note on Wednesday, October 8th. Finally, HC Wainwright dropped their price target on shares of Fortress Biotech from $26.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, August 21st. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $16.50.

Institutional Investors Weigh In On Fortress Biotech

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Fortress Biotech by 11.4% in 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 in the last quarter. Two Sigma Investments LP raised its stake 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 in the last quarter. Osaic Holdings Inc. lifted its holdings in shares of 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 buying an additional 5,034 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Fortress Biotech during the 2nd quarter valued at about $42,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

Fortress Biotech Company Profile

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.