Nantahala Capital Management LLC Acquires 200,000 Shares of Fortress Biotech, Inc. $FBIO

Key Points

• Nantahala Capital Management LLC significantly increased its stake in Fortress Biotech, acquiring an additional 200,000 shares, bringing its total ownership to 325,520 shares, worth approximately $508,000.
• Fortress Biotech's stock has seen a decline in the target price from $26.00 to $17.00 by HC Wainwright, maintaining a "buy" rating, while the consensus target price is now $16.50.
• The company reported a loss of ($0.46) earnings per share in its latest quarterly earnings, which missed analysts' expectations, despite generating revenue of $16.41 million during the same period.

Nantahala Capital Management LLC increased its holdings in shares of Fortress Biotech, Inc. (NASDAQ:FBIO - Free Report) by 159.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 325,520 shares of the biopharmaceutical company's stock after buying an additional 200,000 shares during the quarter. Nantahala Capital Management LLC owned 1.10% of Fortress Biotech worth $508,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Jane Street Group LLC acquired a new stake in Fortress Biotech in the fourth quarter valued at approximately $69,000. Envestnet Asset Management Inc. grew its position in Fortress Biotech by 30.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 239,594 shares of the biopharmaceutical company's stock worth $485,000 after acquiring an additional 55,648 shares during the last quarter. Two Sigma Investments LP bought a new stake in Fortress Biotech during the 4th quarter worth approximately $109,000. PFG Investments LLC increased its position in Fortress Biotech by 28.4% in the first quarter. PFG Investments LLC now owns 45,259 shares of the biopharmaceutical company's stock worth $71,000 after purchasing an additional 10,000 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in Fortress Biotech by 8.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 1,004,365 shares of the biopharmaceutical company's stock valued at $1,567,000 after purchasing an additional 80,058 shares during the last quarter. Hedge funds and other institutional investors own 96.51% of the company's stock.

Fortress Biotech Stock Down 3.7%

Shares of NASDAQ FBIO traded down $0.11 during mid-day trading on Thursday, hitting $2.84. The company had a trading volume of 1,272,881 shares, compared to its average volume of 313,180. The company has a market capitalization of $84.49 million, a PE ratio of -2.70 and a beta of 1.61. The firm has a 50-day simple moving average of $2.05 and a two-hundred day simple moving average of $1.81. The company has a current ratio of 1.92, a quick ratio of 1.70 and a debt-to-equity ratio of 1.34. Fortress Biotech, Inc. has a one year low of $1.33 and a one year high of $3.08.

Fortress Biotech (NASDAQ:FBIO - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The biopharmaceutical company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.15). The company had revenue of $16.41 million during the quarter, compared to the consensus estimate of $14.53 million. Fortress Biotech had a negative net margin of 24.84% and a negative return on equity of 301.81%. On average, equities analysts expect that Fortress Biotech, Inc. will post -3.28 EPS for the current year.

Analyst Ratings Changes

Separately, HC Wainwright dropped their price objective on Fortress Biotech from $26.00 to $17.00 and set a "buy" rating on the stock in a research note on Thursday, August 21st. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $16.50.

Fortress Biotech Company Profile

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.