Roth Capital Forecasts Weaker Earnings for Fortress Biotech

Fortress Biotech, Inc. (NASDAQ:FBIO) – Roth Capital lowered their FY2024 earnings estimates for Fortress Biotech in a note issued to investors on Monday, November 18th. Roth Capital analyst J. Wittes now forecasts that the biopharmaceutical company will earn ($3.28) per share for the year, down from their prior 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.

Several other research analysts also recently commented on FBIO. StockNews.com downgraded Fortress Biotech from a “hold” rating to a “sell” rating in a report on Friday, November 15th. HC Wainwright raised their price target on Fortress Biotech from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $13.67.

Fortress Biotech Price Performance

Shares of FBIO stock opened at $1.57 on Thursday. The company has a market capitalization of $43.33 million, a P/E ratio of -0.51 and a beta of 1.75. The company’s 50-day simple moving average is $1.69 and its two-hundred day simple moving average is $1.83. Fortress Biotech has a one year low of $1.36 and a one year high of $4.43.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Virtu Financial LLC purchased a new stake in Fortress Biotech during the first quarter valued at approximately $31,000. Integrated Wealth Concepts LLC increased its position in shares of Fortress Biotech by 68.2% during the third quarter. Integrated Wealth Concepts LLC now owns 46,100 shares of the biopharmaceutical company’s stock worth $67,000 after purchasing an additional 18,700 shares in the last quarter. Atria Investments Inc lifted its holdings in shares of Fortress Biotech by 58.4% during the 3rd quarter. Atria Investments Inc now owns 71,484 shares of the biopharmaceutical company’s stock valued at $103,000 after purchasing an additional 26,351 shares during the last quarter. 180 Wealth Advisors LLC acquired a new stake in shares of Fortress Biotech in the 2nd quarter worth $107,000. Finally, B. Riley Wealth Advisors Inc. acquired a new position in Fortress Biotech during the 2nd quarter valued at about $207,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Lindsay A. Md Rosenwald bought 763,359 shares of Fortress Biotech stock in a transaction on 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 acquisition, the chief executive officer now owns 3,657,264 shares of the company’s stock, valued at $6,729,365.76. This trade represents a 26.38 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 33.40% of the stock is owned by company insiders.

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.