Cpwm LLC acquired a new stake in Fortress Biotech (NASDAQ:FBIO) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 171,000 shares of the biopharmaceutical company’s stock, valued at approximately $274,000. Cpwm LLC owned 0.31% of Fortress Biotech at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in shares of Fortress Biotech by 6.6% during the second quarter. BlackRock Inc. now owns 1,903,033 shares of the biopharmaceutical company’s stock valued at $5,671,000 after buying an additional 117,290 shares during the period. Strs Ohio increased its position in shares of Fortress Biotech by 60.1% during the second quarter. Strs Ohio now owns 202,100 shares of the biopharmaceutical company’s stock valued at $602,000 after buying an additional 75,900 shares during the period. JPMorgan Chase & Co. increased its position in shares of Fortress Biotech by 264.5% during the third quarter. JPMorgan Chase & Co. now owns 200,886 shares of the biopharmaceutical company’s stock valued at $321,000 after buying an additional 145,766 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Fortress Biotech during the second quarter valued at about $460,000. Finally, Macquarie Group Ltd. increased its position in shares of Fortress Biotech by 109.0% during the second quarter. Macquarie Group Ltd. now owns 97,982 shares of the biopharmaceutical company’s stock valued at $292,000 after buying an additional 51,100 shares during the period. Hedge funds and other institutional investors own 14.87% of the company’s stock.
Several equities analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Fortress Biotech from a “sell” rating to a “hold” rating in a research report on Friday, August 10th. HC Wainwright set a $11.00 price objective on shares of Fortress Biotech and gave the stock a “buy” rating in a research note on Friday, August 10th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Fortress Biotech currently has a consensus rating of “Buy” and an average target price of $10.67.
NASDAQ:FBIO opened at $1.14 on Friday. Fortress Biotech has a one year low of $0.83 and a one year high of $5.54. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.24 and a current ratio of 2.25.
Fortress Biotech (NASDAQ:FBIO) last posted its quarterly earnings data on Friday, November 9th. The biopharmaceutical company reported ($0.37) EPS for the quarter, topping the consensus estimate of ($0.55) by $0.18. Fortress Biotech had a negative net margin of 30.52% and a negative return on equity of 68.16%. The business had revenue of $63.69 million for the quarter, compared to analyst estimates of $64.88 million. On average, sell-side analysts forecast that Fortress Biotech will post -2.03 earnings per share for the current fiscal year.
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About Fortress Biotech
Fortress Biotech, Inc develops and commercializes pharmaceutical and biotechnology products. The company develops CNDO-109, a lysate that treats cancer-related and other conditions; tramadol HCl for managing postoperative pain; CAEL-101 for the treatment of amyloid light chain amyloidosis; and CEVA101 for severe traumatic brain injury in children and adults in the United States.
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