Fortress Biotech (NASDAQ:FBIO) Downgraded to “Sell” at StockNews.com

StockNews.com cut shares of Fortress Biotech (NASDAQ:FBIO) from a hold rating to a sell rating in a research note issued to investors on Monday morning.

Other analysts have also recently issued reports about the company. Alliance Global Partners started coverage on Fortress Biotech in a report on Tuesday, March 19th. They set a buy rating and a $5.00 price target on the stock. Cantor Fitzgerald restated an overweight rating on shares of Fortress Biotech in a report on Thursday, June 20th. Finally, Roth Mkm restated a buy rating and set a $10.00 price target on shares of Fortress Biotech in a report on Thursday, May 16th.

Fortress Biotech Stock Up 12.6 %

Shares of NASDAQ FBIO opened at $1.97 on Monday. The company has a current ratio of 1.33, a quick ratio of 1.21 and a debt-to-equity ratio of 38.42. The company has a market cap of $40.21 million, a price-to-earnings ratio of -0.32 and a beta of 1.74. Fortress Biotech has a 12 month low of $1.24 and a 12 month high of $10.35. The stock has a 50-day moving average price of $1.80 and a two-hundred day moving average price of $1.95.

Fortress Biotech (NASDAQ:FBIO) last released its quarterly earnings results on Wednesday, May 15th. The biopharmaceutical company reported ($1.03) earnings per share for the quarter, topping the consensus estimate of ($2.03) by $1.00. The firm had revenue of $13.03 million for the quarter, compared to the consensus estimate of $14.33 million. As a group, analysts forecast that Fortress Biotech will post -5.07 earnings per share for the current fiscal year.

Insider Transactions at Fortress Biotech

In related news, CEO Lindsay A. Md Rosenwald purchased 20,000 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average cost of $1.64 per share, with a total value of $32,800.00. Following the transaction, the chief executive officer now owns 2,893,905 shares of the company’s stock, valued at approximately $4,746,004.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald bought 20,000 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was purchased at an average cost of $1.64 per share, with a total value of $32,800.00. Following the transaction, the chief executive officer now directly owns 2,893,905 shares in the company, valued at approximately $4,746,004.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Lindsay A. Md Rosenwald bought 5,000 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were 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 $863,625. The disclosure for this purchase can be found here. Insiders have bought 35,000 shares of company stock valued at $87,150 over the last ninety days. 33.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FBIO. Armistice Capital LLC bought a new position in shares of Fortress Biotech during the 4th quarter worth $1,794,000. Acadian Asset Management LLC grew its stake in shares of Fortress Biotech by 124.3% during 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 period. PVG Asset Management Corp bought a new position in shares of Fortress Biotech during the 4th quarter worth $396,000. Shikiar Asset Management Inc. boosted its stake in Fortress Biotech by 21.8% in the 1st quarter. Shikiar Asset Management Inc. now owns 223,136 shares of the biopharmaceutical company’s stock worth $446,000 after purchasing an additional 40,000 shares during the period. Finally, Choreo LLC bought a new position in Fortress Biotech in the 4th quarter worth about $109,000. Institutional investors own 96.51% of the company’s stock.

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.