Roth Capital Weighs in on Fortress Biotech, Inc.’s Q3 2024 Earnings (NASDAQ:FBIO)

Fortress Biotech, Inc. (NASDAQ:FBIO) – Roth Capital raised their Q3 2024 EPS estimates for shares of Fortress Biotech in a note issued to investors on Wednesday, August 14th. Roth Capital analyst J. Wittes now forecasts that the biopharmaceutical company will post earnings per share of ($0.27) for the quarter, up from their previous forecast of ($0.56). The consensus estimate for Fortress Biotech’s current full-year earnings is ($5.07) per share. Roth Capital also issued estimates for Fortress Biotech’s Q4 2024 earnings at ($0.61) EPS, FY2024 earnings at ($2.65) EPS, FY2025 earnings at ($0.87) EPS and FY2026 earnings at ($0.48) EPS.

A number of other research analysts also recently issued reports on the stock. StockNews.com upgraded shares of Fortress Biotech from a “sell” rating to a “hold” rating in a research report on Wednesday. Cantor Fitzgerald restated an “overweight” rating on shares of Fortress Biotech in a research note on Thursday, June 20th. HC Wainwright reiterated a “buy” rating and issued a $24.00 target price on shares of Fortress Biotech in a research note on Friday, July 19th. Finally, Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Fortress Biotech in a research note on Thursday, May 16th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

Fortress Biotech Stock Down 2.1 %

Shares of NASDAQ FBIO opened at $1.86 on Friday. The company has a market capitalization of $37.97 million, a P/E ratio of -0.30 and a beta of 1.74. Fortress Biotech has a 52-week low of $1.24 and a 52-week high of $7.20. The company has a debt-to-equity ratio of 38.42, a quick ratio of 1.21 and a current ratio of 1.33. The company’s 50 day moving average price is $1.92 and its 200-day moving average price is $1.89.

Fortress Biotech (NASDAQ:FBIO) last posted its earnings results on Tuesday, August 13th. The biopharmaceutical company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($1.32) by $0.59. The business had revenue of $14.90 million for the quarter, compared to analyst estimates of $14.97 million.

Institutional Investors Weigh In On Fortress Biotech

Hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC lifted its holdings in shares of Fortress Biotech by 124.3% in the 1st quarter. Acadian Asset Management LLC now owns 292,058 shares of the biopharmaceutical company’s stock worth $582,000 after acquiring an additional 161,870 shares during the last quarter. Choreo LLC bought a new position in Fortress Biotech during the 4th quarter valued at about $109,000. Gladstone Institutional Advisory LLC bought a new position in Fortress Biotech during the 4th quarter valued at about $36,000. Virtu Financial LLC bought a new position in Fortress Biotech during the 1st quarter valued at about $31,000. Finally, PVG Asset Management Corp bought a new position in Fortress Biotech during the 4th quarter valued at about $396,000. 96.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortress Biotech

In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald acquired 20,000 shares of the company’s stock in a transaction on Friday, June 28th. The shares were acquired at an average cost of $1.64 per share, with a total value of $32,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,893,905 shares in the company, valued at $4,746,004.20. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Lindsay A. Md Rosenwald acquired 20,000 shares of Fortress Biotech stock in a transaction that occurred on Friday, June 28th. The stock was bought at an average price of $1.64 per share, with a total value of $32,800.00. Following the completion of the purchase, the chief executive officer now owns 2,893,905 shares in the company, valued at $4,746,004.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Lindsay A. Md Rosenwald acquired 5,000 shares of Fortress Biotech stock in a transaction that occurred on Monday, July 8th. The shares were purchased at an average cost of $7.35 per share, with a total value of $36,750.00. Following the purchase, the chief executive officer now owns 117,500 shares of the company’s stock, valued at approximately $863,625. The disclosure for this purchase can be found here. Insiders have acquired a total of 30,500 shares of company stock valued at $110,700 over the last three months. 33.40% of the stock is currently owned by insiders.

About Fortress Biotech

Fortress Biotech, Inc, a biopharmaceutical company, develops and commercializes pharmaceutical and biotechnology products. The company markets dermatology products, such as Ximino an oral minocycline drug for the treatment of moderate to severe acne; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Exelderm cream for antifungal intended for topical use; Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Amzeeq; Zilxi; and Accutane capsules for severe recalcitrant nodular acne.