Fortress Biotech (NASDAQ:FBIO) Shares Up 12.8%

Fortress Biotech (NASDAQ:FBIO)’s stock price shot up 12.8% during mid-day trading on Tuesday . The stock traded as high as $1.50 and last traded at $1.50, 553,731 shares changed hands during trading. A decline of 11% from the average session volume of 619,896 shares. The stock had previously closed at $1.33.

A number of analysts recently issued reports on the company. ValuEngine upgraded Fortress Biotech from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Zacks Investment Research lowered Fortress Biotech from a “buy” rating to a “hold” rating in a report on Monday, July 15th. HC Wainwright reiterated a “buy” rating and issued a $11.00 price target on shares of Fortress Biotech in a report on Monday, May 13th. Finally, Roth Capital assumed coverage on Fortress Biotech in a report on Monday, July 1st. They issued a “buy” rating and a $4.00 price target for the company.

The company has a current ratio of 2.79, a quick ratio of 2.78 and a debt-to-equity ratio of 1.94. The stock has a market cap of $90.02 million, a PE ratio of -0.50 and a beta of 2.48. The firm’s fifty day moving average is $1.43.

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 analysts’ consensus estimates of ($0.46) by $0.22. The firm had revenue of $9.25 million during the quarter, compared to analysts’ expectations of $7.51 million. As a group, equities analysts forecast that Fortress Biotech will post -1.29 EPS for the current fiscal year.

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in Fortress Biotech by 12.8% in the fourth quarter. Geode Capital Management LLC now owns 379,972 shares of the biopharmaceutical company’s stock worth $326,000 after buying an additional 43,239 shares in the last quarter. Two Sigma Investments LP raised its stake in Fortress Biotech by 96.5% in the fourth quarter. Two Sigma Investments LP now owns 30,954 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 15,200 shares in the last quarter. FNY Investment Advisers LLC bought a new position in Fortress Biotech in the second quarter worth approximately $202,000. National Asset Management Inc. raised its stake in Fortress Biotech by 18.4% in the first quarter. National Asset Management Inc. now owns 56,417 shares of the biopharmaceutical company’s stock worth $88,000 after buying an additional 8,750 shares in the last quarter. Finally, Dowling & Yahnke LLC bought a new position in Fortress Biotech in the first quarter worth approximately $36,000. 12.90% of the stock is owned by institutional investors.

About Fortress Biotech (NASDAQ:FBIO)

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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