Fortress Biotech (NASDAQ:FBIO) Shares Cross Above 200 Day Moving Average After Earnings Miss

Key Points

• Fortress Biotech's share price surpassed its 200-day moving average after a quarterly earnings report revealed a loss of ($0.46) per share, missing analyst expectations by ($0.15).
• The company had a negative return on equity of 4,712.53% and a net margin of 71.24%, indicating significant financial challenges.
• Institutional investors own 96.51% of Fortress Biotech's stock, with various firms increasing their holdings recently, highlighting strong institutional interest.

Fortress Biotech, Inc. (NASDAQ:FBIO - Get Free Report)'s share price passed above its 200-day moving average during trading on Thursday after the company announced better than expected quarterly earnings. The stock has a 200-day moving average of $1.75 and traded as high as $1.96. Fortress Biotech shares last traded at $1.96, with a volume of 109,878 shares changing hands.

The biopharmaceutical company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.15). Fortress Biotech had a negative return on equity of 4,712.53% and a negative net margin of 71.24%.

Institutional Investors Weigh In On Fortress Biotech

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. grew 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 worth $1,567,000 after purchasing an additional 80,058 shares during the period. PVG Asset Management Corp grew its holdings in shares of Fortress Biotech by 3.3% during the fourth quarter. PVG Asset Management Corp now owns 386,295 shares of the biopharmaceutical company's stock valued at $782,000 after buying an additional 12,505 shares during the last quarter. Nantahala Capital Management LLC grew its holdings in shares of Fortress Biotech by 159.3% during the first quarter. Nantahala Capital Management LLC now owns 325,520 shares of the biopharmaceutical company's stock valued at $508,000 after buying an additional 200,000 shares during the last quarter. Shikiar Asset Management Inc. grew its holdings in shares of Fortress Biotech by 18.0% during the second quarter. Shikiar Asset Management Inc. now owns 278,469 shares of the biopharmaceutical company's stock valued at $518,000 after buying an additional 42,500 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Fortress Biotech by 11.8% during the first quarter. Envestnet Asset Management Inc. now owns 267,908 shares of the biopharmaceutical company's stock valued at $418,000 after buying an additional 28,314 shares during the last quarter. Hedge funds and other institutional investors own 96.51% of the company's stock.

Fortress Biotech Trading Up 1.6%

The stock's fifty day moving average price is $1.90 and its 200 day moving average price is $1.75. The company has a quick ratio of 1.55, a current ratio of 1.72 and a debt-to-equity ratio of 1.74. The stock has a market cap of $57.96 million, a PE ratio of -0.88 and a beta of 1.76.

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.

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