Fortress Biotech, Inc. (NASDAQ:FBIO) Shares Sold by Acadian Asset Management LLC

Acadian Asset Management LLC lowered its holdings in Fortress Biotech, Inc. (NASDAQ:FBIO) by 5.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 277,508 shares of the biopharmaceutical company’s stock after selling 14,550 shares during the quarter. Acadian Asset Management LLC owned about 1.36% of Fortress Biotech worth $473,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Gladstone Institutional Advisory LLC purchased a new position in Fortress Biotech in the fourth quarter valued at approximately $36,000. Virtu Financial LLC acquired a new position in shares of Fortress Biotech in the 1st quarter valued at $31,000. 180 Wealth Advisors LLC purchased a new position in shares of Fortress Biotech in the 2nd quarter valued at $107,000. PVG Asset Management Corp acquired a new stake in Fortress Biotech during the 4th quarter worth $396,000. Finally, Armistice Capital LLC purchased a new stake in Fortress Biotech in the fourth quarter valued at $1,794,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

Insider Transactions at Fortress Biotech

In related news, CEO Lindsay A. Md Rosenwald purchased 5,000 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was purchased at an average cost of $7.35 per share, with a total value of $36,750.00. Following the completion of the acquisition, the chief executive officer now directly owns 117,500 shares in the company, valued at $863,625. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald bought 20,000 shares of the company’s stock in a transaction on Friday, June 28th. The shares were bought at an average price of $1.64 per share, for a total transaction of $32,800.00. Following the transaction, the chief executive officer now owns 2,893,905 shares of the company’s stock, valued at approximately $4,746,004.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lindsay A. Md Rosenwald bought 5,000 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were acquired at an average cost of $7.35 per share, with a total value of $36,750.00. Following the completion of the purchase, the chief executive officer now owns 117,500 shares in the company, valued at approximately $863,625. The disclosure for this purchase can be found here. Insiders purchased 30,500 shares of company stock worth $110,700 over the last 90 days. 33.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FBIO. StockNews.com raised Fortress Biotech from a “sell” rating to a “hold” rating in a report on Wednesday, August 14th. HC Wainwright reaffirmed a “buy” rating and set a $24.00 price target on shares of Fortress Biotech in a research report on Friday, July 19th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Fortress Biotech in a report on Thursday, June 20th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Fortress Biotech has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

Fortress Biotech Price Performance

Shares of NASDAQ:FBIO opened at $1.92 on Thursday. Fortress Biotech, Inc. has a one year low of $1.24 and a one year high of $5.35. The stock has a market capitalization of $39.19 million, a price-to-earnings ratio of -0.31 and a beta of 1.81. The company has a 50-day simple moving average of $1.99 and a 200-day simple moving average of $1.90. 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 (NASDAQ:FBIO) last posted 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 company had revenue of $14.90 million for the quarter, compared to analysts’ expectations of $14.97 million. On average, analysts predict that Fortress Biotech, Inc. will post -4.76 EPS for the current year.

Fortress Biotech Profile

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.