Fortress Biotech, Inc. (FBIO) Announces Quarterly Earnings Results
Fortress Biotech, Inc. (NASDAQ:FBIO) posted its earnings results on Thursday. The biopharmaceutical company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.24), Briefing.com reports. Fortress Biotech had a negative return on equity of 61.60% and a negative net margin of 65.80%. The firm had revenue of $46.89 million during the quarter, compared to the consensus estimate of $50.75 million. The business’s revenue for the quarter was up 4709.2% on a year-over-year basis.
Fortress Biotech (FBIO) opened at $3.90 on Friday. Fortress Biotech has a 1-year low of $1.88 and a 1-year high of $5.13. The company has a current ratio of 3.56, a quick ratio of 3.55 and a debt-to-equity ratio of 0.27.
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In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald bought 40,000 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The stock was acquired at an average cost of $25.00 per share, with a total value of $1,000,000.00. Following the completion of the purchase, the chief executive officer now directly owns 40,000 shares in the company, valued at $1,000,000. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 33.30% of the stock is owned by corporate insiders.
An institutional investor recently raised its position in Fortress Biotech stock. State Street Corp boosted its holdings in shares of Fortress Biotech, Inc. (NASDAQ:FBIO) by 14.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 467,711 shares of the biopharmaceutical company’s stock after purchasing an additional 60,121 shares during the period. State Street Corp owned approximately 0.93% of Fortress Biotech worth $2,222,000 at the end of the most recent quarter. 11.99% of the stock is owned by institutional investors.
Several research firms have commented on FBIO. HC Wainwright set a $11.00 target price on shares of Fortress Biotech and gave the stock a “buy” rating in a research report on Thursday, August 10th. ValuEngine cut shares of Fortress Biotech from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Finally, Zacks Investment Research upgraded shares of Fortress Biotech from a “sell” rating to a “hold” rating in a research report on Tuesday, October 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $11.00.
Fortress Biotech Company Profile
Fortress Biotech, Inc, formerly Coronado Biosciences, Inc, is a biopharmaceutical company. The Company is involved in the development of immunotherapy agents for the treatment of autoimmune diseases and cancer. Its sole product candidate is CNDO-109. The Company is also focused on acquiring, developing and commercializing pharmaceutical and biotechnology products.
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