Nantahala Capital Management LLC Trims Position in Fortress Biotech, Inc. (NASDAQ:FBIO)

Nantahala Capital Management LLC reduced its stake in Fortress Biotech, Inc. (NASDAQ:FBIO) by 44.9% during the second quarter, Holdings Channel.com reports. The fund owned 153,152 shares of the biopharmaceutical company’s stock after selling 125,000 shares during the quarter. Nantahala Capital Management LLC’s holdings in Fortress Biotech were worth $262,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Virtu Financial LLC purchased a new stake in shares of Fortress Biotech in the 1st quarter worth $31,000. 180 Wealth Advisors LLC bought a new position in Fortress Biotech during the 2nd quarter worth about $107,000. B. Riley Wealth Advisors Inc. purchased a new position in Fortress Biotech during the 2nd quarter valued at about $207,000. PVG Asset Management Corp bought a new position in shares of Fortress Biotech during the fourth quarter valued at approximately $396,000. Finally, Acadian Asset Management LLC increased its holdings 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 buying an additional 161,870 shares during the period. Institutional investors own 96.51% of the company’s stock.

Fortress Biotech Stock Down 3.0 %

Shares of FBIO stock opened at $1.45 on Tuesday. The company has a debt-to-equity ratio of 38.42, a quick ratio of 1.24 and a current ratio of 1.37. Fortress Biotech, Inc. has a fifty-two week low of $1.24 and a fifty-two week high of $5.25. The firm has a market capitalization of $29.50 million, a PE ratio of -0.24 and a beta of 1.81. The stock’s 50-day simple moving average is $1.90 and its 200-day simple moving average is $1.87.

Fortress Biotech (NASDAQ:FBIO) last released its quarterly earnings data on Tuesday, August 13th. The biopharmaceutical company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($1.32) by $0.59. The business had revenue of $14.90 million during the quarter, compared to analysts’ expectations of $14.97 million. Equities analysts expect that Fortress Biotech, Inc. will post -2.65 earnings per share for the current year.

Insider Activity

In related news, CEO Lindsay A. Md Rosenwald bought 5,000 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The shares were purchased at an average cost of $7.48 per share, with a total value of $37,400.00. Following the completion of the acquisition, the chief executive officer now directly owns 127,500 shares in the company, valued at $953,700. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Lindsay A. Md Rosenwald purchased 5,000 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was bought at an average cost of $7.48 per share, with a total value of $37,400.00. Following the completion of the acquisition, the chief executive officer now owns 127,500 shares of the company’s stock, valued at approximately $953,700. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lindsay A. Md Rosenwald acquired 763,359 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were purchased at an average cost of $1.84 per share, for a total transaction of $1,404,580.56. Following the purchase, the chief executive officer now directly owns 3,657,264 shares in the company, valued at $6,729,365.76. The disclosure for this purchase can be found here. Insiders purchased a total of 773,859 shares of company stock valued at $1,482,481 in the last quarter. 33.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on FBIO. HC Wainwright restated a “buy” rating and set a $24.00 price objective on shares of Fortress Biotech in a research note on Friday, July 19th. StockNews.com upgraded shares of Fortress Biotech from a “sell” rating to a “hold” rating in a research note on Wednesday, August 14th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Fortress Biotech in a research note on Thursday, June 20th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $13.00.

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.