Fortress Biotech (NASDAQ:FBIO) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 1,274,800 shares, a decrease of 12.8% from the July 31st total of 1,461,200 shares. Based on an average trading volume of 413,700 shares, the short-interest ratio is presently 3.1 days. Approximately 2.7% of the company’s shares are sold short.
Several brokerages have recently commented on FBIO. Roth Capital began coverage on shares of Fortress Biotech in a research note on Monday, July 1st. They set a “buy” rating and a $4.00 price objective for the company. ValuEngine downgraded shares of Fortress Biotech from a “buy” rating to a “hold” rating in a research note on Friday, September 6th. Dawson James began coverage on shares of Fortress Biotech in a research note on Monday, August 26th. They set a “buy” rating and a $19.00 price objective for the company. Finally, Zacks Investment Research downgraded shares of Fortress Biotech from a “buy” rating to a “hold” rating in a research note on Monday, July 15th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Fortress Biotech has an average rating of “Buy” and an average price target of $9.00.
Shares of NASDAQ:FBIO traded down $0.05 during midday trading on Thursday, hitting $1.88. 16,201 shares of the stock traded hands, compared to its average volume of 602,425. Fortress Biotech has a one year low of $0.49 and a one year high of $2.59. The company has a quick ratio of 4.47, a current ratio of 4.49 and a debt-to-equity ratio of 1.10. The business’s 50 day moving average is $1.58 and its two-hundred day moving average is $1.70. The stock has a market capitalization of $129.11 million, a PE ratio of -0.62 and a beta of 2.24.
Fortress Biotech (NASDAQ:FBIO) last announced its quarterly earnings results on Friday, August 9th. The biopharmaceutical company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $0.22. The company had revenue of $9.25 million for the quarter, compared to analysts’ expectations of $7.51 million. As a group, sell-side analysts forecast that Fortress Biotech will post -0.8 earnings per share for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. National Asset Management Inc. increased its position in shares of Fortress Biotech by 18.4% during the first quarter. National Asset Management Inc. now owns 56,417 shares of the biopharmaceutical company’s stock valued at $88,000 after buying an additional 8,750 shares during the period. Morgan Stanley increased its position in shares of Fortress Biotech by 65.7% during the second quarter. Morgan Stanley now owns 46,273 shares of the biopharmaceutical company’s stock valued at $70,000 after buying an additional 18,351 shares during the period. Cpwm LLC increased its position in shares of Fortress Biotech by 11.7% during the first quarter. Cpwm LLC now owns 191,000 shares of the biopharmaceutical company’s stock valued at $340,000 after buying an additional 20,000 shares during the period. Candriam Luxembourg S.C.A. purchased a new position in shares of Fortress Biotech during the second quarter valued at about $34,000. Finally, A.R.T. Advisors LLC purchased a new position in shares of Fortress Biotech during the second quarter valued at about $56,000. Institutional investors own 12.41% of the company’s stock.
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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