Fortress Biotech (NASDAQ:FBIO) Posts Earnings Results, Beats Estimates By $0.59 EPS

Fortress Biotech (NASDAQ:FBIO) announced its earnings results on Tuesday. The biopharmaceutical company reported ($0.73) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.32) by $0.59, Zacks reports. The business had revenue of $14.90 million for the quarter, compared to analysts’ expectations of $14.97 million.

Fortress Biotech Stock Up 5.0 %

Shares of NASDAQ FBIO traded up $0.09 during mid-day trading on Thursday, reaching $1.90. 412,933 shares of the company were exchanged, compared to its average volume of 311,407. The company has a quick ratio of 1.21, a current ratio of 1.33 and a debt-to-equity ratio of 38.42. The stock has a market cap of $38.78 million, a price-to-earnings ratio of -0.31 and a beta of 1.74. Fortress Biotech has a 1 year low of $1.24 and a 1 year high of $7.35. The firm has a 50-day moving average of $1.92 and a 200 day moving average of $1.89.

Insider Buying and Selling at Fortress Biotech

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

Analysts Set New Price Targets

Several research analysts recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $24.00 price target on shares of Fortress Biotech in a research note on Friday, July 19th. StockNews.com raised shares of Fortress Biotech from a “sell” rating to a “hold” rating in a research note on Wednesday. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price target on shares of Fortress Biotech in a research note on Thursday, May 16th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Fortress Biotech in a research note on Thursday, June 20th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Fortress Biotech has a consensus rating of “Moderate Buy” and an average price target of $28.50.

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.