Roth Capital Analysts Decrease Earnings Estimates for FBIO

Fortress Biotech, Inc. (NASDAQ:FBIO) – Analysts at Roth Capital cut their FY2024 earnings estimates for shares of Fortress Biotech in a research report issued on Monday, November 18th. Roth Capital analyst J. Wittes now expects that the biopharmaceutical company will earn ($3.28) per share for the year, down from their previous estimate of ($2.65). The consensus estimate for Fortress Biotech’s current full-year earnings is ($2.65) per share. Roth Capital also issued estimates for Fortress Biotech’s Q4 2024 earnings at ($0.75) EPS and FY2026 earnings at $0.23 EPS.

Other equities analysts have also issued reports about the stock. HC Wainwright boosted their price objective on shares of Fortress Biotech from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Monday. StockNews.com downgraded Fortress Biotech from a “hold” rating to a “sell” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.67.

Fortress Biotech Stock Performance

Shares of NASDAQ FBIO opened at $1.57 on Thursday. The firm’s 50 day moving average price is $1.69 and its 200-day moving average price is $1.83. Fortress Biotech has a 52-week low of $1.36 and a 52-week high of $4.43. The company has a market cap of $43.33 million, a PE ratio of -0.51 and a beta of 1.75.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC lifted its position in Fortress Biotech by 124.3% during the first quarter. Acadian Asset Management LLC now owns 292,058 shares of the biopharmaceutical company’s stock valued at $582,000 after purchasing an additional 161,870 shares in the last quarter. Shikiar Asset Management Inc. grew its holdings in Fortress Biotech by 4.4% during the 3rd quarter. Shikiar Asset Management Inc. now owns 235,969 shares of the biopharmaceutical company’s stock valued at $342,000 after buying an additional 10,000 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Fortress Biotech by 28.8% during the third quarter. Geode Capital Management LLC now owns 168,607 shares of the biopharmaceutical company’s stock valued at $244,000 after buying an additional 37,736 shares during the last quarter. PVG Asset Management Corp purchased a new position in shares of Fortress Biotech in the second quarter worth $266,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of Fortress Biotech during the second quarter worth $207,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Insiders Place Their Bets

In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald bought 763,359 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was bought at an average cost of $1.84 per share, for a total transaction of $1,404,580.56. Following the completion of the transaction, the chief executive officer now owns 3,657,264 shares of the company’s stock, valued at $6,729,365.76. This represents a 26.38 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 33.40% of the stock is currently owned by insiders.

About Fortress Biotech

Fortress Biotech, Inc, a biopharmaceutical company, develops dermatology, pharmaceutical, and biotechnology products in the United States. The company markets dermatology products, such as Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Accutane capsules for severe recalcitrant nodular acne; Amzeeq for severe acne vulgaris; Zilxi, a topical foam; Exelderm cream and solution for topical use; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Luxamend; sulconazole nitrate cream and solution for tinea cruris and tinea corporis; and doxycycline hyclate tablet.