HC Wainwright Lowers Fortress Biotech (NASDAQ:FBIO) Price Target to $17.00

Key Points

• HC Wainwright has reduced its target price for Fortress Biotech from $26.00 to $17.00, while maintaining a "buy" rating on the stock.
• Fortress Biotech reported a loss of ($0.46) EPS for the last quarter, missing analysts' expectations despite achieving $16.41 million in revenue.
• 96.51% of Fortress Biotech's stock is currently owned by hedge funds and institutional investors, reflecting significant institutional interest in the company.

Fortress Biotech (NASDAQ:FBIO - Get Free Report) had its price objective reduced by HC Wainwright from $26.00 to $17.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock.

Fortress Biotech Stock Up 4.1%

NASDAQ:FBIO traded up $0.10 during trading hours on Thursday, hitting $2.39. The company's stock had a trading volume of 411,468 shares, compared to its average volume of 275,986. The stock has a fifty day moving average of $1.93 and a 200-day moving average of $1.77. The stock has a market capitalization of $70.95 million, a P/E ratio of -2.27 and a beta of 1.76. Fortress Biotech has a 52-week low of $1.33 and a 52-week high of $2.42. 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 (NASDAQ:FBIO - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The biopharmaceutical company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.15). Fortress Biotech had a negative return on equity of 301.81% and a negative net margin of 24.84%.The firm had revenue of $16.41 million for the quarter, compared to analysts' expectations of $14.53 million. On average, equities analysts forecast that Fortress Biotech will post -3.28 earnings per share for the current year.

Institutional Investors Weigh In On Fortress Biotech

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wolverine Trading LLC acquired a new stake in shares of Fortress Biotech during the 4th quarter valued at approximately $26,000. XTX Topco Ltd acquired a new stake in shares of Fortress Biotech during the 2nd quarter valued at approximately $42,000. Jane Street Group LLC acquired a new stake in shares of Fortress Biotech during the 4th quarter valued at approximately $69,000. PFG Investments LLC lifted its position in shares of Fortress Biotech by 28.4% during the 1st quarter. PFG Investments LLC now owns 45,259 shares of the biopharmaceutical company's stock valued at $71,000 after acquiring an additional 10,000 shares during the period. Finally, Weaver Consulting Group lifted its position in shares of Fortress Biotech by 101.8% during the 1st quarter. Weaver Consulting Group now owns 46,417 shares of the biopharmaceutical company's stock valued at $72,000 after acquiring an additional 23,419 shares during the period. 96.51% of the stock is currently owned by institutional investors and hedge funds.

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.