Roth Capital Has Pessimistic Outlook of FBIO FY2024 Earnings

Fortress Biotech, Inc. (NASDAQ:FBIO) – Equities researchers at Roth Capital dropped their FY2024 earnings per share estimates for Fortress Biotech in a research note issued on Monday, November 18th. Roth Capital analyst J. Wittes now forecasts that the biopharmaceutical company will post earnings per share of ($3.28) for the year, down from their previous estimate of ($2.65). The consensus estimate for Fortress Biotech’s current full-year earnings is ($2.65) per share. Roth Capital also issued estimates for Fortress Biotech’s Q4 2024 earnings at ($0.75) EPS and FY2026 earnings at $0.23 EPS.

FBIO has been the subject of several other reports. HC Wainwright increased their price objective on Fortress Biotech from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday. StockNews.com lowered Fortress Biotech from a “hold” rating to a “sell” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, Fortress Biotech presently has an average rating of “Moderate Buy” and an average target price of $13.67.

Fortress Biotech Stock Performance

NASDAQ:FBIO opened at $1.58 on Thursday. Fortress Biotech has a one year low of $1.36 and a one year high of $4.43. The stock has a market cap of $43.48 million, a PE ratio of -0.52 and a beta of 1.75. The stock has a 50 day moving average price of $1.69 and a 200 day moving average price of $1.83.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC boosted its holdings in Fortress Biotech by 124.3% in the first quarter. Acadian Asset Management LLC now owns 292,058 shares of the biopharmaceutical company’s stock valued at $582,000 after purchasing an additional 161,870 shares during the period. Shikiar Asset Management Inc. boosted its holdings in Fortress Biotech by 4.4% in the third quarter. Shikiar Asset Management Inc. now owns 235,969 shares of the biopharmaceutical company’s stock valued at $342,000 after purchasing an additional 10,000 shares during the period. Geode Capital Management LLC boosted its holdings in Fortress Biotech by 28.8% in the third quarter. Geode Capital Management LLC now owns 168,607 shares of the biopharmaceutical company’s stock valued at $244,000 after purchasing an additional 37,736 shares during the period. PVG Asset Management Corp purchased a new position in Fortress Biotech in the second quarter valued at $266,000. Finally, B. Riley Wealth Advisors Inc. purchased a new position in Fortress Biotech in the second quarter valued at $207,000. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Lindsay A. Md Rosenwald purchased 763,359 shares of the stock in a transaction dated Monday, September 23rd. The stock was acquired at an average cost of $1.84 per share, for a total transaction of $1,404,580.56. Following the completion of the transaction, the chief executive officer now directly owns 3,657,264 shares in the company, valued at approximately $6,729,365.76. This represents a 26.38 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 33.40% of the stock is currently owned by company insiders.

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.